127,000 people subscribe to Shamal Azzour Al-Oula Co. – authority

KUWAIT, Some 127,000 Kuwaitis have subscribed to 50 percent of the capital of Shamal Azzour Al-Oula Company, making up a 127 percent coverage of floated shares, Kuwait Authority for Partnership Projects (KAPP) said Saturday.

The period of subscription to the company’s capital elapsed on Friday, KAPP said in a statement, adding that it had subscribed to the firm on behalf of citizens when it was created.

This process reflects the Kuwaiti government’s determination to provide attractive investment openings to citizens, and to engage them in the ownership of partnership enterprises, it said.

Once the ownership of shares is transferred to citizens, the company’s board of directors should have its shares listed on Boursa Kuwait, thus becoming the first power and water company ever to be registered with the stock exchange, it added.

Similar opportunities are to be offered to Kuwaiti citizens in next partnership projects, according to the statement.

Shamal Azzour Al-Oula is the joint stock company founded for the development of Az-Zour North One Power and Water Plant.

Source: Kuwait News Agency