September 2, 2019 / 11:42 AM / 16 days ago

CORRECTED-Kuwait to launch IPO of Az-Zour water and power project in October

(Corrects first paragraph to say government will begin the IPO process on Oct 1, it will not list shares on that date.)

KUWAIT, Sept 2 (Reuters) - Kuwait plans to begin the first phase of an initial public offering of shares in the Az-Zour North Independent Water & Power Project on Oct. 1, the Kuwait Authority For Partnership Projects said on Monday in local newspaper Al Rai.

The shares - representing 50% of the power project’s equity, will come from the stake held by the Kuwait Authority for Partnership Projects, and will be sold to Kuwaiti citizens.

The sovereign wealth fund, the Kuwait Investment Authority, and the country’s pension fund, the Public Institution for Social Security each hold a 5% stake, while the remaining 40% of the project is held by a consortium including Engie, Sumitomo and Abdullah Hamad Al Saqer & Brothers Company.

Private Reporting by Ahmed Hagagy, writing by Davide Barbuscia, editing by Louise Heavens

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