State Grid Corporation of China and Oman Oil close deal with Portugal

25 May 2012

The State Grid Corporation of China and Oman Oil are due Friday in Lisbon to pay 432 million euros to the Portuguese authorities for the acquisition of 25 percent, and 15 percent, respectively of Portuguese state power grid company Redes Energéticas Nacionais (REN).

The two companies had already paid a total of 160 million euros last February when they each secured a stake in REN as part of its privatisation process.

This transaction concludes the process of privatising 40 percent of REN by teh Portuguese government.

The payment by REN’s new shareholders – 387 million euros by State Grid Corporation of China and 205 million euros by Oman Oil – is made just one day after the limit on voting rights at REN was officially raised from 10 percent to 25 percent.

Despite this change in voting rights having been approved by shareholders at the general meeting held in March the Portuguese Presidency had yet to ratify it. (macauhub)