LOC19:13
16:13 GMT
The Public-Private Partnership Projects Authority received tenders from local banks and financial companies to manage public subscription of the First North Al-Zor Company shares
KUWAIT, Jan 8 (KUNA) -- The Public-Private Partnership Projects Authority declared on Sunday it received five tenders from local banks and financial companies to manage public subscription of the First North Al-Zor Company shares.
The authority said in a statement that the stocks, picked up for the public subscription, amounts to 50 percent of the company's capital, at a nominal value of 100 fils per share.
The bidding companies are the National Investment Company, Kamco Investment Company, the International House, the Kuwaiti Financial Center and the Kuwaiti Company for Financing and Investment.
The tendering was conducted according to the Law 39/2010, stipulating terms for establishing Kuwaiti shareholding companies, to be tasked with building hydroelectric stations, and its amendments, incorporating call among citizens for subscribing.
A consultancy commission will be in charge of examining bidders' qualifications and eligibility of citizens who would buy the stakes.
The first phase of the project for producing electricity and desalinating water is run by a consortium.
The station's commercial operation began on November 26. It has a capacity of minimum 1,500 MW and produces no less than 102 and no more than 107 imperial gallons of desalinated water. (end)
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