North Zour IPO by next sum­mer’s end

Kuwait Times - - FROM THE ARABIC PRESS -

KUWAIT: Al-Zour North Com­pany plans to carry out the ini­tial pub­lic offering (IPO) for the ini­tial phase of the North Zour Power Plant project by the end of next sum­mer in co­or­di­na­tion with the gov­ern­ment, a se­nior gov­ern­ment source said.

Ac­cord­ing to the IPO, 50 per­cent of the project’s shares will be dis­trib­uted to cit­i­zens, while the in­vestor’s share stands at 40 per­cent while the gov­ern­ment’s at 10 per­cent. As of now, the first part of the ini­tial phase, which in­cludes build­ing three units with an elec­tric­ity pro­duc­tion ca­pac­ity of 750 megawatts a day, has al­ready been com­pleted. The plant’s cur­rent pro­duc­tion cov­ers nearly 12 per­cent of Kuwait’s to­tal elec­tric­ity pro­duc­tion, the source said.

The in­vestor’s share in the North Zoor elec­tric­ity gen­er­a­tion and wa­ter de­sali­na­tion plant is owned by a con­sor­tium of com­pa­nies that in­cludes ENGIE, Su­mit­omo Cor­po­ra­tion, and Ab­dul­lah Al-Ha­mad Al­sagar and Bros Com­pany. The gov­ern­ment cur­rently owns 60 per­cent of the plant’s shares, and is re­quired to place 50 in the IPO. — Al-Rai

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