Title :

Update on Refinancing and potential Merger

Content :

Further to the Al Suwadi Power Company SAOG (the “Company”) previous disclosures dated 10 May 2026 and 6 September 2026 regarding the refinancing and proposed merger the Company advises the Financial Services Authority, the Muscat Stock Exchange and theinvestor community that it has made good progress towards refinancing of its existing financing arrangements and the funding required for capital expenditure during the New PPA period. The Company has submitted an application on 4^th October 2026 to the Authority for Public Services Regulation (APSR) under Section 106 seeking preliminary consent for the refinancing. The Company is targeting to complete the refinancing by end of October 2026.

The refinancing process remains ongoing, and there can be no assurance that a transaction will be undertaken or successfully completed. Any refinancing will be subject to the necessary approvals from the relevant regulatory authorities, lenders, and the Company’s Board of Directors. If the refinancing is successfully completed, the Company expects that it may enhance dividend distributions in 2027, subject to shareholder approval.

In connection with the proposed merger with Al Batinah Power Company SAOG, the Company appointed AMJ as legal advisor and KPMG as the financial consultants for both companies. The Company also obtained a no-objection from the new lenders, subject to agreed terms, conditions, and documentation. The Company is awaiting the required APSR approval for the proposed merger.

The Company will keep the market and its shareholders informed of any material developments in accordance with applicable regulatory requirements.