|02 September, 2019

Kuwait to launch IPO of Az-Zour water and power project in October

The shares - representing 50% of the power project's equity, will come from the stake held by the Kuwait Authority for Partnership Projects

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

KUWAIT - Kuwait plans to list shares in the Az-Zour North Independent Water & Power Project on Oct. 1, the Kuwait Authority For Partnership Projects said on Monday in local newspaper Al Rai.

The shares - representing 50% of the power project's equity, will come from the stake held by the Kuwait Authority for Partnership Projects.

The sovereign wealth fund, the Kuwait Investment Authority, and the country's pension fund, the Public Institution for Social Security each hold a 5% stake, while the remaining 40% of the project is held by a consortium including Engie, Sumitomo and Abdullah Hamad Al Saqer & Brothers Company.

(Reporting by Ahmed Hagagy, writing by Davide Barbuscia, editing by Louise Heavens) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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