Oman’s state-owned investment arm Oman Oil Company and China’s State Grid Corp have agreed to buy a 40 per cent stake in Portugal’s power and gas grid operator Redes Energeticas Nacionais (REN) for a combined $779 million investment.
This is part of Portuguese government’s recent efforts to privatise some state-owned companies to comply with the terms of a $102 billion bailout programme, in a bid to pay off its whopping debts, news agencies reported, quoting the country’s secretary of state for treasury Maria Luis Albuquerque.
State Grid Corp will buy a 25 per cent stake for $509.09 million and Oman Oil Company will buy another 15 per cent for $269.67 million, Albuquerque told reporters in Lisbon on Thursday. The acquisition price of REN is at about $197.3 million above its market value, the minister noted.
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