North Zour IPO by next summer’s end
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