- Al Osaimi: “We look forward to welcoming similarly significant listings like companies in the oil and gas sectors”
- Boursa Kuwait continues to offer an internationally recognized, best in class listing platform
Kuwait City: Boursa Kuwait announced the listing of Shamal Az-Zour Al-Oula Power and Water Company KSPC in its “Premier Market”, and that trading of the company’s stocks will commence from the opening trading session of Sunday, 16 August 2020 under the ticker symbol ‘AZNOULA’. The 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.
“The inclusion of Shamal Az-Zour Al-Oula Power and Water Company on the Kuwaiti stock exchange signifies the first fruitful cooperation with the Kuwait Authority for Partnership Projects,” said Mr. Mohammad Saud Al-Osaimi, Boursa Kuwait’s Chief Executive Officer, adding that he hopes 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.
“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 added.
Al Osaimi highlighted that the strategy adopted by the exchange is a flexible one that serves the public interest and aims to attract operational entities that will undoubtedly add value in the coming period. He also added that the exchange 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,” continued Al-Osaimi. He noted that the company is constantly looking to negotiate with the various investment entities in an effort to enhance the investment scene.
"We continue to strive towards the ongoing development of the stock exchange in cooperation with our partners, recognizing the importance of the entity,” he said, adding that the exchange has a comprehensive plan that it is working to implement and gain further confidence and trust from the investment community.
Shamal Az-Zour is the owner and operator of the Az-Zour North Combined Cycle and Power Plant, with capital of 110 million Kuwaiti Dinars, 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).
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
