The shares may be listed in London and Kuwait, subject to market conditions.
Kuwait Energy Co., an oil and
gas company that operates in the Middle East and Eastern Europe, plans
to sell shares in an initial public offering within nine months.
The shares may
be listed in London and Kuwait, subject to market conditions, the
company said in an e-mailed statement on Sunday. Kuwait Energy’s
shareholders approved a plan to raise its authorized share capital to
127 million dinars from 103.6 million dinars in a rights share
offering, the company said.
issue will enable Kuwait Energy to pursue organic growth in our
expansion plans, to develop recent discoveries and explore additional
wells in our assets in the region, especially in Egypt,” Chairman and
Managing Director Manssour Aboukhamseen said in the statement.
Kuwait Energy was set up in 2005 and operates in Egypt, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan, it said. (Bloomberg)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.