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Transfer of shares held by Qatar Electricity and Water Company in Phoenix Power Company SAOG to Nebras Power Company 30 Dec 2015

Muscat (Wednesday 30 December, 2015)

Phoenix Power Company SAOG (the “Company”) advises the Capital Market Authority, the Muscat Securities Market and the investors’ community that Qatar Electricity and Water Company (Q.S.C.) (“QEWC”), one of the founder shareholders of the Company currently holding 9.75% of the issued share capital of the Company, has entered into an agreement (the “Agreement”) with one of its subsidiaries in Qatar, Nebras Power Company (Q.S.C.) (“Nebras”) pursuant to which Nebras shall acquire QEWC’s entire stake in the Company, subject to the fulfillment of certain conditions set out in the Agreement.