|05 December, 2019

Kuwait Shamal Az Zour’s IPO subscribed 1.27 times; allotment concluded

Stocks from the first five subscription value segments were fully allotted: Kuwait Authority for Partnership Projects

A Kuwaiti investor keeps track of stock prices at the Kuwait Stock Market October 13,2008.

A Kuwaiti investor keeps track of stock prices at the Kuwait Stock Market October 13,2008.

REUTERS/Stephanie McGehee

Kuwait Authority for Partnership Projects (KAPP) announced the final results for Shamal Az Zour Al Oula Power and Water Company’s initial public offering (IPO), which was wrapped up on 29 November.

The IPO was subscribed 1.27 times by the end of the public subscription period which started on 1 October 2019, and saw more than 127,000 citizens participating.

Stocks from the first five subscription value segments were fully allotted, the KAAP said in an official statement.

This came after the Kuwaiti government was mandated to distribute 50% of the firm's total ownership, or 550 million shares, among Kuwaiti citizens after construction completion, leaving it with a 10% stake following the distribution.

Shamal Azzour is 40% owned by a private consortium comprising France’s Engie, Japan’s Sumitomo Corporation, and A H Al Sagar & Brothers.

Source: Mubasher

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