Mubasher TV
Contact Us Advertising   العربية

Sale of MGEC Holdings (Oman) preference shares to Mannah Powerco Limited and resignation of directors

UPC UECS 0.00% 1.01 0.00

The Board of Directors of United Power Company SAOG (“the Company”)  is pleased to advise the Muscat Securities Market and the investors’ community the following:

 

1- The Company received a notification that MGEC (Oman) Holdings Ltd. sold all its preference shares totaling 328,083 preference shares representing 16.404% of the total capital of United Power Company SAOG.

 

Consequent to this sale, Mannah Powerco Limited holds now 54,531 % of the total capital of the Company.

 

Mannah Powerco Limited is owned by Khaled Juffali Energy & Utilities Co, a subsidiary of Khaled Juffali Holding Company (‘Khaled Juffali Group’) established in Jeddah, Kingdom of Saudi Arabia. Khaled Juffali Group (‘KJC’) is having an underlying focus on the creation & incubation of growth business ventures. KJC is involved in various industries that include aviation, automotive, maritime, petrochemicals, banking, insurance, healthcare, venture capital funds, buyouts, distribution, information technology, education, philanthropic, real estate development, project management & consulting services, biotechnology, heavy cranes, auto/equipment leasing, telecommunication & energy. 

 

2- The Board of Directors received the resignation of Mr. Ryan Zanin , a juristic representative of MGEC (Oman) Holdings Ltd. from the Board of Directors and Audit Committee.  

 

3- The Board of Directors also received the resignation of Mr. Fabrizio Bocciardi from the Board of Directors and the Nomination and Remuneration Committee due to his current assignments. 

Comments