Doha – Mubasher: Nebras Power said it entered into an acquisition agreement on Wednesday to acquire the entire stakes owned by Qatar Electricity and Water Company (QEWC) in two Phoenix companies.
Taking place at the acquirer’s headquarters, the signing marks an acquisition by Nebras of a 9.75% equity ownership in Phoenix Power Company and 15% share in Phoenix Operation and Maintenance Company.
The takeover process is expected to complete in January, 2016, according to Nebras.
QEWC, listed in Qatar Stock Exchange, earlier reported a net profit of about QAR 1.14 billion in the first nine months of 2015, versus QAR 1.17 billion in the same period last year.
