About 55 companies have purchased tender documents for a consultancy contract for Oman’s first solar power project.
MUSCAT, June 10 (Reuters) – Oman plans to buy the majority stake in Dhofar Power DHP.OM from international and regional private investors, a company statement said on Wednesday.
“Shareholders holding 10,619,378 shares, constituting 53.9 percent of the issued and paid up capital of the company have informed the company that they are in discussions with Electricity Holding Company (EHC), whereby EHC would acquire their entire shareholding in the company,” it said.
State-run EHC is negotiating with Malakoff Berhad of Malaysia, Dubai based GCC Energy Fund, local companies Muscat Overseas and Malatan.
Other shareholders include Oman & Emirates Investment Company, local pension funds and private investors.
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Oman Daily Observer
ANC Holdings LLC, the Dubai based conglomerate with business interests in construction, foods, education, trading, hospitality, process and real estate, has announced the strategic acquisition of a 60 per cent majority stake in Dhofar Fisheries Industries Company SAOG (DFIC), a regional leader in the processing and canning of tuna and sardines, based in Salalah.
The new acquisition will see ANC Holdings, and its rapidly growing foods division Freshly Frozen Foods (FFF Dubai), take over management control of Dhofar Fisheries from the companys other main shareholder Oman & Emirates Investment Holding Company SAOG (O&E), a joint venture between the Governments of the Sultanate of Oman and the United Arab Emirates together with other founder shareholders from both countries. O&E is listed in Oman and the UAE.
Dhofar Fisheries is best known for its Blue Ocean brand of tuna and sardines that is well patronised by consumers in Oman and across the Middle East. Tayeb Baker, Chairman, ANC Holdings said: “One of ANC Holdings key strengths is our ability to identify potential partners with whom we can forge strong alliances and partnerships.
The closing of this transaction is the next step in ANC Holdings strategic growth into the regional food processing and distribution business. Dhofar Fisheries is an ideal acquisition target for us due to its state-of-the-art facilities and great brands with which we can accelerate the already fast-paced development of our foods business.”
ANC Holdings, through FFF Dubai, currently operates a state of the art factory in Dubai, with four processing lines for meat, shrimps, value added foods and ready meals, and three main brands, which are Aashiana, Senora and Freshly Frozen Foods. Apart from the UAE, its home market, the company also exports food and food products to the US, Europe, Far East, Middle East and Asia and is in the process of launching several new restaurant brands, with the opening of the first outlet, named Bay Leaf, in Dubai as early as this month.
“Taking control of Dhofar Fisheries will result in efficiencies that allow a more regular supply, thus strengthening the Blue Ocean brand and making food products more easily available to the consumer,” said Faris Baker. Vice-Chairman. ANC Holdings. “Dhofar Fisheries gives ANC Holdings and FFF Dubai additional leverage in its move to establish a fully integrated supply and distribution chain”, he added. “The timing could not have been better as our foods business has grown significantly in the last three years and forward and backward integration has become a necessity.”
Annual inflation in Oman fell for a fifth straight month to 4.9 percent in April, the lowest rate in almost two years, the Ministry of National Economy said on Wednesday.
Inflation fell from 6.2 percent in March, the ministry said in a statement on its website, without giving a detailed breakdown.
Earlier this month, ministry data showed inflation was 6.9 percent for March.
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The first microfinance project in Oman is to be launched by PlaNet Finance UAE to give financial assistance to entrepreneurs.
Microfinance schemes provide financial services to those on low income. In the GCC only Saudi Arabia and Bahrain currently have such organisations. Now a new joint stock company called Greenfield is being formed to create a microfinance institution (MFI) in the Sultanate of Oman.
India’s Larsen & Toubro has won three contracts worth RO40.2m ($105m) in Oman for electricity transmission and distribution work.
MUSCAT — The MSM-30 Index climbed 0.95 per cent yesterday to close at 5,387 points. The total shares exchanged increased by 10.9 per cent to 45.905 million shares against the previous day’s 41.408 million shares.
The total value increased by 6.5 per cent, from RO10.967 million to RO11.675 million. Foreign investors were net sellers yesterday; they offloaded shares worth RO0.11 million, 0.9 per cent net in the total turnover.
The market was positive with 33 advances and nine declines out of 52 traded securities. Amongst the sectors, the Banking and Investment sector was the biggest gainer yesterday which closed 1.65 per cent higher at 7,315 points. Also, the industry sector rose 0.54 per cent to close at 5,609 points and the service and insurance sector increased 0.17 per cent to close at 2,304 points.
The top two gainers were: Global Investment (9.42 per cent) and Onic Holding (8.66 per cent) to close at RO0.151 and RO0.276, respectively. The top two losers were: Muscat National Holding (-8.93 per cent) and Maha Petroleum (-8.33 per cent), both closed at RO2.000 and RO6.417. The top two by volume traded were: Al Jazeira Services (13 million shares) and Gulf Investment Services (3.5 million shares).
The top two by value traded were: Al Jazeira Services (RO1.6 million) and Ominvest (RO1.1 million). NAVs as of May 17, 2009: Muscat Fund RO1.146, Oryx Fund-RO1.080 and Bank Muscat MSCI Kuwait Fund: (May 14, 2009) $0.5561.
Gulf shares rose the most in a week as oil climbed above $57 a barrel and after Nomura Holdings and Dubai-based Al Mal Capital lifted their recommendations on stocks. Dana Gas rose to its highest in more than a month after Nomura and Al Mal raised the price estimate of the United Arab Emirates-based natural-gas producer. Emaar Properties advanced the most in a week. Qatar National Bank rose to its highest since January. The Bloomberg GCC 200 Index, down 48 per cent in the last 12 months, gained 0.9 per cent yesterday. “We are starting to see liquidity come back,” said Haissam Arabi from Dubai, chief executive officer of Gulfmena Alternative Investments.