Dubai – Mubasher: Utico, the Utility Experts, is looking to offer a portion of its shares on the stock exchange within two years.

Utico chairman Rashid Al Balooshi explained that his company had a clear listing plan, indicating that it has appointed Emirates NBD Capital as an advisor to proceed with the listing, according to Al Bayan newspaper.

Utico is waiting for market conditions to improve, he said, adding the firm was also waiting on its partners opinions, especially after Omani firm Majis acquired a minority stake in the company.

Earlier this week, Utico, the only private utility developer in the UAE, said it received a $400 million investment from Omani government-owned entity Majis Industrial Services.

The Omani firm specialises in industrial water services and provides 14,000 cubic metres per day of potable water in the sultanate.