Shamal Az-Zour Al-Oula Power and Water Company today (August 16) made its debut on Boursa Kuwait’s Premier Market at 9am.
Shamal Az-Zour Al-Oula is Kuwait’s first company established under the Independent Water and Power Plant (IWPP) Law. It operates the Az-Zour North One Power and Water Plant, which began commercial operations in November 2016. The plant supplies about 10% of Kuwait’s installed power capacity and 20% of Kuwait’s water desalination capacity.
Power and water produced by the company is entirely supplied to the national power and water grid operated by the Kuwait Ministry of Electricity and Water under a 40-year long-term Energy Conversion and Water Purchase Agreement.
On the key achievement, Chairman Husam Abdullah AlRoumi said: "We are happy to announce this historic milestone in the Kuwaiti power and water desalination sector and capital markets in the region, as Kuwait's first PPP project and the first power generation and water desalination company listed on Boursa Kuwait’s Premiere Market."
The listing follows the successful distribution of 50% of the company's shares to Kuwaiti citizens during the last quarter of 2019, which was oversubscribed by 1.27x and attracted close to 127,000 investors.
The remaining 50% of shares are owned by different public and private entities as follows: 40% is owned by a private investor Azour North One Holding Compan, which is owned by a consortium comprising Engie, Sumitomo Corporation, AH Al Sagar & Brothers; and 10% is owned by the Kuwait Investment Authority and the Public Institution for Social Security, each with a 5% ownership.
Lauding all the stakeholders, Engineer Al Roumi said: "We would like to extend our sincerest gratitude to those who contributed to our success, for without the efforts of those directly and indirectly involved, this milestone would not be possible."
Prior to the listing, the company’s board issued a recommendation at a meeting on August 6, for a cash dividend payout of 25 fils per share, subject to lenders’ approval, said a statement from Shamal Az-Zour Al-Oula Power and Water Company.
This will be the company’s first dividend and relates to the retained earnings for the period from 2017 to 2019.
The company also plans to hold an Annual General Meeting (AGM) of shareholders following the listing. The dividend recommendation, following the lenders’ approval, will be on the AGM agenda for shareholders’ approval, it added.-TradeArabia News Service
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