The fund, which will be raised after getting advice from its financial advisors within two to three months, will be used for meeting the capital expenditure for developing transmission and distribution systems of its subsidiary companies.
Al Wahabi said currently, the EHC is using a lot of short-term facilities from financial institutions. "Also, we are working on structuring long-term funding facilities for the group in general. We are open to the possibilities of loan or bonds and are looking at both options," he said, on the sidelines of a media conference to announce the company's forthcoming knowledge sharing conference in November.
"Hopefully, within the next couple of months we will have a direction on this. And the fund will be raised at any time between then and the middle of next year."
The EHC has appointed
Al Wahaibi said that the electricity distribution companies have already submitted their investment proposals to the regulator and the regulator is reviewing these proposals.
"Hopefully, before the end of the year, we will have a concrete plan on investment," he added.
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