Subscription in Shamal Azzour Co. at 17 percent

KUWAIT, Kuwait National Investment Company, which manages floating stakes in Shamal Azzour Company (Aloula), said on Monday that the public subscription reached 17 percent since offering the shares early October.

The company said in a press release that number of subscribers amounted to 24,000 (all Kuwaiti citizens).

Kuwait Authority for Partnership Projects, last Tuesday, started floating the shares, in a process that would end on November 29.

Shamal Azzour is the first development enterprise based on partnerships between the public and private sectors — in line with the approach to enable the private sector contribute to diversifying the national economy.

Up to 50 percent of the company shares will be owned by nationals. The remaining ones are possessed by the government and the private sector.

Source: Kuwait News Agency