BTU's acquisition of Carthage Power Company: Mr. Majed Halawi's involvement (he was the General Manager of CPC at the time)

Background

Project Finance International (PFI), a publication from Thomson Reuters, bills itself as "the most authoritative source of project finance intelligence in the world, providing fully-rounded and incisive commentary and analysis."

Facts

" In December 2003, Global entered into a definitive purchase and sale agreement related to the sale of its majority interst in CPC, which owns and operates a power plant located in Rades, Tunisia.  In May 2004, Global Completed the sale of CPC for approximately $43 million in cash."

Link: PSEG Announcement of CPC Sale to BTU Power  [see Page 3. Note 4.]

Representations and Questions

Apparently Project Finance International got the idea that BTU had hired Majed Halawi, the then-General Manager of Carthage Power Company, four (4) months or more before the sale was completed. The "hiring" of Majed Halawi by BTU apparently was noteworthy enough for PFI to include as a "news capsule" in Issue 281 - January 21, 2004

"Boston based fund BTU Power has hired Majed Halawi, former manager of the Marubeni/PSEG IPP in Tunisia, as its general manager."

Link: PFI Issue 281 - 21 Jan 2004 | PFIe:  [see: section titled "BTU Power targets the Mid East"]

BTU Power Company (chronologically, 1st of the ONLY 2 assets still exiting in their portfolio): PSEG Global Sale of CPC to BTU Power Company - May 21, 2004

"PSEG Global, along with its current partner, Marubeni Corporation, and former partner, Sithe Energy, built the Rades (II) plant with construction completed in May of 2002."

 "In May 2004, Global completed the sale of CPC for approximately $43 million in cash."

Comment: Based on the information contained in the following sources, BTU Power Company owns 60% of CPC's 471 MW (equaling, 283 MW)

Link: PSEG sale of Carthage Power Company to BTU Power Company (including excerpt from PSEG Securities and Exchange Commission - SEC - 10K filing)