Utilities giant Shamal Az-Zour Al-Oula debuts on Boursa Kuwait

It is the first listed company under the umbrella of Kuwait Authority for Partnership Projects (KAPP)

  
A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson

Shamal Az-Zour Al-Oula Power and Water Company has started trading on Boursa Kuwait's premier market on Sunday.

The company's shares closed at 0.38 Kuwaiti dinar (4.50 UAE dirhams) at the end of trading, below the opening price of 0.4 dinar, Boursa Kuwait stated.

Shamal Az-Zour is the owner and operator of the Az-Zour North Combined Cycle and Power Plant, with capital of 110 million Kuwaiti dinars, distributed over 1.1 billion shares. More than 50 percent of its total shares, with a value of 55 million Kuwaiti dinars (distributed through 550 million shares) were offered to Kuwaiti citizens in the last quarter of 2019, with a subscription rate of 127 percent.

The listing comes after the company and its listing consultant liaised with Boursa Kuwait and the Capital Markets Authority to fulfill the necessary requirements to list. It is the first listed company under the umbrella of the Kuwait Authority for Partnership Projects (KAPP).

With the listing of Shamal Az-Zour, Boursa Kuwait has a total number of 173 listed companies, while the premier market now includes 19 listed companies.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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