Kuwait’s first partnership project to debut on bourse

Transaction is mandated by Kuwait’s Public-Private Partnership Law

  
Kuwaiti investors watch the Kuwait Stock Exchange index board in Kuwait city February 5, 2006.

Kuwaiti investors watch the Kuwait Stock Exchange index board in Kuwait city February 5, 2006.

REUTERS/Stephanie McGehee
Dubai: The Kuwait Authority for Partnership Projects (KAPP) said on Monday it has appointed NBK Capital-led consortium as adviser and offering manager for the distribution and transfer of shares in Shamal AzZour Al-Oula K.S.C, which are currently held by KAPP, to Kuwaiti citizens.

Shamal AzZour Al-Oula is the owner and operator of Kuwait’s first and only independent power and water plant.

The transaction is mandated by Kuwait’s Public-Private Partnership Law (PPP Law), which requires the state to offer 50 per cent of the total ownership of PPP projects to Kuwaiti citizens through an Initial Public Offering (IPO).

Kuwaiti citizens interested in receiving the distributed shares will be invited to settle the par value of the shares through a streamlined process.

Shamal Azzour Al-Oula is the first company to be established pursuant to the PPP Law framework in Kuwait, and the first to reach the IPO stage. The company is planning to list on the Boursa Kuwait stock exchange once the shares have been distributed. The offering is expected to take place in first quarter of 2018.

Staff Report Gulf News 2017. All rights reserved.

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