KUWAIT CITY, Sept 4: It has been revealed that the five sections of subscriptions to be floated for interested citizens in the shares of the North Al-Zour Company will start with 1,000 shares, followed by 3,000, then 5,000 which will later be doubled to 10,000 and ending with 20,000 shares, reports Al-Rai daily.
Informed sources said the public subscription will be done online through logistic systems to be provided by Kuwait Clearing Company (IPO Kuwait) – an online platform that provides all types of public offer services and available once the application is downloaded on the smart phone.
The National Investment Company manages the offers based on agreements reached for the process, which will see to offering of 550 million shares worth KD55 million, which means that the value of each share is 100 fils.
An agreement has since been reached with 15 local and GCC banks to participate in the offering through the K-Net service. The participating banks include the National Bank of Kuwait, Kuwait Finance House, Boubyan Bank, Burgan Bank, Commercial Bank of Kuwait, Gulf Bank, Kuwait International Bank, Al-Ahli United Bank, Al-Ahli Bank of Kuwait, Warba Bank, the Bank of Bahrain and Kuwait, Al-Rajhi Bank, and National United Bank.
Sources noted that Kuwait Investment Authority (KIA) has 5 percent of North Al-Zour Company’s capital investment, while the Public Institution for Social Security keeps 5 percent, and Al-Zour mother company maintains 40 percent share.