QEWC close to Jordanian power acquisition
QEWC will announce stake in Jordan power plant
The Qatar Electricity and Water Company looks set to announce a ‘large acquisition’ in Jordan, as the company seeks to buy a large stake in one of the country’s power plants. Shares rose to a monthly high following the news, and while company chiefs are remaining tight-lipped about the name of the target, investors are encouraged after QEWC said it expected to close the deal in a matter of days.
QEWC is the third-largest publicly traded utility in the Middle East by revenue, and has lately been fast-forwarding plans to expand in other countries, looking at India, South Korea and Vietnam. In May the company pulled the plug on two planned Syrian power plants worth around $900m, citing unrest and instability in the region.