Boursa Kuwait set for Shamal Az-Zour Company listing
KUWAIT CITY, August 15, 2020
Boursa Kuwait is gearing up for the listing of Shamal Az-Zour Al-Oula Power and Water Company in its Premier Market. The trading of the company’s stocks will begin from the opening trading session tomorrow.
Shamal Az-Zour is the owner and operator of the Az-Zour North Combined Cycle and Power Plant, with capital of KD110 million ($359 million), distributed over 1.1 billion shares.
More than 50% 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%.
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 listing of its kind, for a company established under the umbrella of the Kuwait Authority for Partnership Projects (KAPP).
Shamal Az-Zour Al-Oula Power and Water Company is included in the utilities sector, and its inclusion on the exchange brings the total number of listed companies to 173, while the “Premier Market” now includes 19 listed companies.
Welcoming the listing, Boursa Kuwait’s CEO Mohammad Saud Al-Osaimi said: "The inclusion of Shamal Az-Zour on the Kuwaiti stock exchange signifies the first fruitful cooperation with the KAPP."
"We hope to see further significant listings including state-owned entities, after their initial public offerings to citizens in the coming years, and more specifically, those related to the oil and gas sector," he stated.
According to him, Boursa Kuwait is committed to offering an efficient best-in-class listing platform that operates in line with international standards, and the exchange continuously develops its products and services for the benefit of issuers and investors alike.
"This listing reflects the confidence of market players in Boursa Kuwait, which in turn, will continue to work towards creating new opportunities and broadening horizons for all its listed companies," he noted.
Al Osaimi highlighted that the strategy adopted by the exchange was a flexible one that serves the public interest and aims to attract operational entities that will undoubtedly add value in the coming period.
The exchange, he stated, will spare no efforts in providing products and services that keep pace with the aspirations of the local and foreign investment communities through its series of market developments.
“Boursa Kuwait operates with the transparency and best-in-class protocols and regulations that meet the needs of all market participants, including retail and institutional investors,” remarked Al Osaimi.
"We continue to strive towards the ongoing development of the stock exchange in cooperation with our partners, recognizing the importance of the entity," he added.-TradeArabia News Service
