LOC17:40
14:40 GMT
KUWAIT, Aug 8 (KUNA) -- Shamal Az-Zour Al-Oula company announced on Saturday it got approval by Boursa Kuwait to enlist its shares in the stock mark as of August 16.
The company said in a statement it has become the first energy and water desalination company -- as well as being a partnership entity between the private and public sectors -- to be enlisted in the bourse.
Chairman Husam Al-Roumi said in a statement the move would serve the purpose of diversification OF investments in the stock market.
Meanwhile, Faisal Al-Hamad, the CEO of the Finance and Investment Company (a consultancy for enlisting in the bourse), said in the statement that Az-Zour company enterpise has given the chance for citizens to invest in the infrastrcuture.
He indicated that the enlistment was complementary to distribution of 50 percent of the company shares to the Kuwaiti citizens, through a public subscription in Q4 2019 -- luring up to 127,000 citizens.
The remaining shares, 50 percent, belong to the State and the private sector.
The company was founded in 2016 to build power and water desalination plants on the basis of partnership between the public and private sectors.
It secures desalinated water for the population in Kuwait via a network operated by the ministry of electricity and water according to a deal valid for 40 years. (end)
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