March 7, 2016

Exits MENA Infrastructure

MENA Infrastructure completes debut exits; sells stakes in AICT and UPC

MENA Infrastructure Fund LP has today announced the divestment of both its 30.33% stake in Alexandria International Container Terminals (“AICT”) to Hutchison Port Holdings and its 38.1% stake in United Power Company SAOG (“Manah IPP”) to Khaled Juffali Energy and Utilities (“KJEU”).

MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialised infrastructure fund manager established by HSBC, Fajr Capital and Waha Capital. MENA Infrastructure is regarded as one of the most successful infrastructure investors in the MENA region and has received multiple industry accolades, including Infrastructure Investor magazine’s “Middle East Infrastructure Investor of the Year”.

Commenting on the exits, Jeronimo Roura, CEO of MENA Infrastructure, said: “Our successful exits from Alexandria International Container Terminals and United Power Company validate MENA Infrastructure’s investment strategy to partner with leading developers of essential private infrastructure in high growth markets. We are grateful to the management teams at both AICT and UPC for their continuous exceptional performance, and look forward to continue investing in the MENA region’s potential.”

MENA Infrastructure sold its stake in ACIT to Hutchison Port Holdings following a competitive sale process. The transaction completed on Friday 26 February 2016. AICT owns and operates two fully integrated container terminals at Alexandria and El Dekheila, with a capacity of approximately 680,000 TEUs. The Alexandria and El Dekheila port is considered one of the main commercial ports serving Egypt and Egypt’s main import-export hub on the Mediterranean, handling almost 60 percent of Egypt’s foreign trade.

MENA Infrastructure subsequently sold its 38.1% stake in Manah IPP to KJEU, a Saudi Arabian power company which specializes in developing reliable power generation through conventional and renewable energy resources. The transaction completed on Monday 29 February 2016 following the receipt of all requisite approvals, including from the Authority for Electricity Regulation, Oman. The Manah IPP is a 270 MW open-cycle natural gas fired power plant which is located near Nizwa in Oman on 200 acres of land, approximately 180 kilometers south-west of Muscat. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.