Energy Holdings International and Wasatah Capital of Riyadh, Saudi Arabia are forming a special purpose corporation with an initial capital of USD50m that will provide acquisition funding for oil and gas and energy power projects within the Americas, Middle East and South East Asia regions.
Energy Holdings’ management team has identified a number of target acquisitions in oil and gas and IPP power projects that are being pursued and will be acquired when the initial capital raising closes.
Energy Holdings will supply acquisition expertise and will be involved in its operations.
Both parties have agreed to concurrently collaborate to establish a private equity fund within the energy and power generation sectors.
Wasatah Capital is a closed stock investment company founded in 2007 and authorised by the Saudi Arabian General Investment Authority and regulated by the Capital Market Authority with majority shareholding by Saudi investors and its strategic partner being Kenanga Investment Bank Berhad based in Kuala Lumpur, Malaysia.
John W. Adair, chairman and chief executive of Energy Holdings International, says: "Wasatah Capital is a strong and reliable partner in the investment world primarily because of the prestigious track record of its elite founders, which consist of a large group of highly experienced business men in both management and the investment fields. Energy Holdings International is an American-Saudi company with four of its board members being from Riyahd, Saudi Arabia and includes two members of the Royal Family."
