Nebras Power cuts Ras Laffan unit capital to $3 million

Summary

• Ras Laffan Power's paid-up capital falls from $136.2 million to $3 million by cancelling shares.
• The surplus returns to shareholders gradually over the remaining term of the Kahramaa offtake contract.
• Nebras says it expects no negative impact on its own financial statements.

The latest

Ras Laffan Power Company's issued and paid-up capital is being cut from $136,249,995 to $3,000,000, with the difference returned to shareholders through the cancellation of shares. Nebras Power disclosed the decision on the Qatar Stock Exchange on 6 November 2026, saying its board had reviewed an auditor's report certifying the reduction. The payout will be staged, not lump-sum.

Details

• The numbers: The reduction removes $133,249,995 from the unit's capital base, leaving $3,000,000 in place. The mechanism is the cancellation of a number of shares equivalent to the amount being cut, according to the Qatar Stock Exchange disclosure, rather than a write-down of share value.
• The rationale: Nebras Power attributed the decision to current capital exceeding Ras Laffan Power Company's operational requirements. The company told shareholders it does not expect the step to have a negative effect on Nebras Power's financial statements.
• The payout schedule: According to the disclosure, the money is returned to shareholders gradually across the remaining term of the power purchase agreement signed between Ras Laffan Power Company and the Qatar General Electricity and Water Corporation, Kahramaa. No specific instalment dates or amounts were announced.
• The approval chain: The board of Nebras Power reviewed a report by the auditor of Ras Laffan Power Company (Q.P.S.C.) certifying the capital reduction decision. The disclosure did not name the auditor or identify the other shareholders in the Ras Laffan entity.
• The offtake contract: The remaining life of the Kahramaa power purchase agreement is the clock that governs the whole payout. The disclosure did not state when that contract expires, leaving the duration of the staged return of capital undefined in public terms.
• The filing: The announcement was published in the corporate news section of the Qatar Stock Exchange on 6 November 2026. Qatar's Al Sharq newspaper republished the text of the disclosure on Sunday 8 November 2026.
• What was not stated: Nebras Power did not disclose how much of the returned capital accrues to it specifically, nor what it intends to do with the proceeds. No revision to earnings guidance or dividend policy accompanied the filing.

Background

Ras Laffan Power Company is a Qatari closed shareholding company selling electricity under a long-term power purchase agreement with Kahramaa, the state utility. Nebras Power, a Qatari public shareholding company, holds a stake in the project and files its disclosures through the Qatar Stock Exchange.

Between the lines

A capital base far above operating needs is typical of a project company deep into a fixed-term offtake contract: the debt is largely amortised and the plant no longer needs the cushion it was built with. Tying the staged return to the remaining term of the Kahramaa agreement keeps the entity funded to contract end while freeing idle cash. For Nebras Power, the effect is liquidity, not earnings — which is consistent with its statement that the statements are unaffected.

What's next

Watch Nebras Power's next quarterly statements for the first instalment of returned capital and any disclosure of the amounts received, plus any filing confirming the expiry date of the Kahramaa power purchase agreement.

Source: Qatar Stock Exchange, Al Sharq