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"]