OQ, Oman’s leading integrated energy company said that Mazoon BV, a wholly owned subsidiary of OQ, recently sold its 12% stake in Portuguese utility company, Redes Energeticas Nacionais (REN), through an over- the–counter transaction.
The investment was made in 2012, as OQ aimed to expand and diversify its growing investment portfolio locally and internationally, reported Oman News Agency (ONA).
REN is a high-voltage transmission grid operator and natural gas transportation company with operations in several countries.
Talal Al Awfi, Group Chief Executive Officer of OQ, said: “OQ is privileged to have been a significant shareholder in REN since 2012. I would like to take this opportunity to thank the Board and management of REN for working with us throughout this successful partnership. I would also like to take this opportunity to wish REN and the new investors the best of luck in the future”
REN was formed in 1994 as the electrical transmission company for Portugal. Its main role is to manage the energy transmission systems in Portugal and is one of the few European operators active in both electricity and natural gas transmission.
OQ exits stake in Portuguese utility company
Image courtesy: ONA
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