Kuwait Energy plans to launch an initial public offering (IPO) within nine months, the oil and gas company said in a statement on 10 October.
Kuwait Energy said its shares may be listed on the London Stock Exchange (LSE) and Kuwait Stock Exchange (KSE), subject to market conditions.
The company had originally planned an IPO for the end of 2010, but delayed those plans given the volatility in both local and global markets.
Kuwait Energy’s shareholders also approved a plan to raise its authorised share capital to KD127m ($448.4m) from KD103.6m in a rights issue of 198.3 million shares priced at 155 Kuwaiti fils per share, it said in the statement.
“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,” said chairman and managing director Mansour Aboukhamseen.
The company was set up in 2005 and has projects in Egypt, Yemen, Oman, Ukraine, Latvia, Russia, Pakistan and Cambodia.