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FINANCIAL NEWS
Kuwait Energy to postpone IPO until market conditions get better
03 Oct 2010
(MENAFN) Deputy Chairman and Chief Executive Officer (CEO) of Kuwait Energy Company, Sara Akbar said that the company’s initial public offering (IPO) is ready but they will wait until the market’s condition gets better to be able to give good returns to the company’s shareholders, Arabian Business reported.
Kuwait Energy has businesses in seven countries, including the Ukraine, Yemen and Egypt.
There were no plans in the pipeline to expand operations to other states, Sara Akbar added.
The company was planning to launch drilling on the fourth of the firm?s five concessions in Egypt.
In the first half, Kuwait Energy had reported profit before interest, tax, depreciation and amortization (EBITDA) of around $40 million and added that full-year income are expected to reach $80 million.
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