The Kuwaiti oil company Action Energy Co. is planning to hold an IPO in Kuwait as part of its first listing since 2008. This is reported in a press release from Action Energy.
Action Energy has engaged National Investments Co. and EFG Hermes as consultants to prepare for the IPO in 2025. Negotiations with investors are scheduled for September.
Unlike Saudi Arabia and the United Arab Emirates, which have conducted a large number of IPOs over the past four years, Kuwait has conducted only a few share offerings, including the IPOs of Beyout Investment Group, Ali Alghanim Sons Automotive and Trolley.
The Kuwait Stock Exchange began to attract investors amid changes in the policy of the country's leadership regarding economic and fiscal reforms. In particular, the government approved a new law on debt obligations, which will open up the international bond markets for Kuwait and will attract $6 billion in debt markets.
Action Energy Inc. is a Kuwaiti oil company operating and drilling oil fields in Kuwait. Kuwait has a sovereign wealth fund of $1 trillion. The headquarters is located in Kuwait City.
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