Abu Dhabi: Asma Capital owned by sovereign institutions including Islamic Development Bank (IDB), Saudi Arabia’s Public Investment Fund (PIF) and Public Pension Agency (PPA), Ministry of Finance of Bahrain and Ministry of Finance of Brunei has signed a deal with Utico for a significant minority stake.
The deal is valued overall at $147 million in equity and project finance and will be completed in the first quarter 2017, Utico, the GCC’s largest private full service utility and solutions provider said in a statement.
The deal with Utico for a stake in its water business is done through Asma Capital managed IDB Infrastructure Fund II which has entered into a binding agreement with Utico.
Asma Capital is based in Bahrain and licensed by the Central Bank of Bahrain. The shareholders of Asma Capital, who are also investors in the IDB Infrastructure Fund II, are sovereign institutions including Islamic Development Bank, Saudi Arabia’s Public Investment Fund and Public Pension Agency, Ministry of Finance of Bahrain and Ministry of Finance of Brunei.
Utico stated that the deal was carried out after intense multi-party due diligence and negotiations resulting in the deal signature in late 2016. Ernst & Young, Hatch USA, ILFS, GU Advisory UAE, Latham and Watkins, Trowers and Hamlins and Taylor Wessing are advisors to the deal.
Utico is making significant investments in the UAE and expanding its infrastructure assets in water, power, transmission and distribution, storage, billing and collection.
