Sunday 10 October 2010

Kuwait Energy Plans Initial Share Sale in Nine Months After Rights Offer - Bloomberg

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 today. 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.

“The rights 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.

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