By Sam Bridge
Kuwait Authority for Partnership Projects says public offering of its stake in Shamal Azzour Al-Oula was oversubscribed
The Kuwait Authority for Partnership Projects (KAPP) has announced that it has concluded the public offering of its stake in Shamal Azzour Al-Oula, the operator of the Az-Zour North One Power and Water Plant and the country’s first public-private partnership company.
The offering, which ran from October 1 to November 29, was equal to 50 percent of Shamal Azzour Al-Oula shares. The remaining 50 percent will continue to be held by current shareholders.
The offer saw a subscription rate of 127 percent with 127,000 individual investors.
Az-Zour North One Power and Water Plant commenced commercial operations in November 2016 and currently supplies about 10 percent of Kuwait's installed power generation capacity and about 20 percent of the country’s installed water desalination capacity.
Power and water produced by the company are entirely supplied to the national power and water grid operated by the Kuwait Ministry of Electricity and Water (MEW) under a 40-year agreement.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.