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Arab Finance: EFG Hermes, part of EFG Holding, completed its role as a joint global coordinator and joint bookrunner on Action Energy Company’s (AEC) private placement and listing on Boursa Kuwait, according to an emailed press release.
Action Energy offered 45.9% of its share capital on the Premier Market through the sale of 260 million shares.
The offering includes a primary issuance of 94.5 million new shares and a secondary sale of 165.5 million existing shares, priced at KWD 212 fils per share.
Meanwhile, the transaction attracted KWD 55 million ($179 million), implying a post-money market cap of KD 120 million ($391 million).
The offering witnessed strong participation from local, regional, and international investors, with the total book covered more than 5 times, drawing about KWD 276 million ($898 million) in orders.
It aimed to diversify the company’s shareholder base, reinforce governance, and enhance visibility among key stakeholders, while supporting balance-sheet enhancements and growth initiatives in Kuwait and the wider region.
The company started trading its shares on Boursa Kuwait’s Premier Market under the ticker “ALF TAQA.”
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, commented: “We are excited to support Action Energy Company in its journey to broaden its ownership base and accelerate its growth through a well-structured private placement and a dual primary/secondary offering.”
“EFG Hermes is committed to facilitating a transparent, orderly process that provides clear opportunities for investors while reinforcing Kuwait’s strategic energy services sector,” Meleka added.
For his part, Karim Galal, Managing Director, Investment Banking at EFG Hermes, said: “Action Energy offers investors a rare opportunity to gain scaled exposure to the growth of Kuwait’s energy sector through a well-positioned platform with a clear execution track record.”
From a broader perspective, year-to-date, EFG Hermes has advised on 16 equity capital market (ECM) transactions, 14 debt capital market (DCM) transactions, and 8 M&A transactions across the region, with notable engagements in Saudi Arabia, the UAE, Oman, and Egypt.
