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Saturday , October 24 2020

Shamal Al-Zour Al-Oula nods distribution of profit

KUWAIT CITY, Feb 17: Following the public offering of 50 percent of Shamal Al-Zour Al-Oula Power and Water Company KSCP to the Kuwaiti Public last quarter, shareholders Monday approved the distribution of interim profits in an Extraordinary General Meeting (EGM) held on Monday. Shareholders approved the addition of a new paragraph (No. 11) to Article 49 of the core company structure to allow the distribution of interim profits in accordance with Article 226 of the Company Law No. 1/2016 and its amendments and to amend Article 56 of the core company structure to adjust references to the relevant laws.

Shamal Al-Zour Al-Oula Power and Water Company KSCP CEO Paul Frain said: “We welcome our new shareholders and extend our gratitude for their support and confidence in the Board’s recommendations. We look forward to working together to move forward with the listing process of the company’s shares on Boursa Kuwait.”

In the last quarter of 2019, the Kuwait Authority for Public and Private Partnership (KAPP) had successfully completed a public offering of its 50 percent stake in Shamal Al-Zour Al-Oula Power and Water Company. The offering attracted over 127,000 Kuwaiti citizens, who are now new shareholders in the company.

The remaining 50 percent continue to be owned by current shareholders (40 percent by a private investor represented by Al-Zour North One Holding Company KSCC owned by a consortium comprising Engie, Sumitomo Corporation), 5 percent by Kuwait Investment Authority, and 5 percent by the Public Institution for Social Security.

Shamal Al-Zour Al-Oula Power and Water Company KSCP is the owner and operator of Kuwait’s first independently owned power and water plant established under Kuwait’s Independent Water and Power Project (IWPP) Law and the country’s first Public-Private Partnership (PPP) project to be offered for public subscription. Power and water produced by the company are entirely supplied to the national power and water grid, owned and operated by MEW under a 40-year long-term Energy Conversion and Water Purchase Agreement (ECWPA).

The Al-Zour North One Power and Water Plant commenced commercial operations in November 2016 and is the first stage of the country’s plan to significantly increase its capacity over the coming years as part of a larger effort to meet an anticipated peak demand of 25 gigawatts (GW) by 2025.

The plant is currently providing 27 percent of Kuwait’s power requirements at peak production (1,524MW) and 25 percent of water generation (107 million gallons per day).

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