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KAPP appoints NBK Capital for Shamal Az Zour IPO

KAPP appoints NBK Capital for Shamal Az Zour IPO
The IPO will take place in the first quarter of 2018

Mubasher: The Kuwait Authority for Partnership Projects (KAPP) has appointed a consortium led by NBK Capital as the advisor and offering manager for the initial public offering (IPO) of Shamal Az Zour Al Oula to Kuwaiti citizens.

NBK Capital will chair the consortium to be the offering manager for the distribution and transfer of shares in Shamal Az Zour Al-Oula, which is the owner and operator of Kuwait’s first and only independent power and water plant, according to a recent official statement.

The IPO will take place in the first quarter of 2018, representing 50% of Shamal Az Zour’s overall shares at the par value price per each share.

Shamal Az Zour is currently planning to list on Boursa Kuwait once the shares are distributed, the statement added.

In addition to KAPP’s 50% stake ownership in Shamal Az Zour, the Kuwaiti government owns 10% of the company through two other entities, which are the Kuwait Investment Authority (KIA) and the Public Institution for Social Security which own stakes of 5% and 5%, respectively. The remaining 40% is held by the operators of the plant, a private consortium comprising ENGIE, Sumitomo Corporation, and A.H. Al Sagar & Brothers.

“By appointing NBK Capital and consortium today, we have officially kicked-off the countdown for the first PPP IPO in Kuwait’s history and the first bourse-listing of a utility company in the country,” KAPP director general Mutlaq Al-Sane'a said.