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[rtl]Date of release: 2018/5/20 19:14 • 197 times read[/rtl]
KUWAIT (Reuters) - Kuwait Energy, an independent oil and gas firm, has appointed investment bank Perela Weinberg Partners to advise it on a possible sale of all or part of the concession area in southern Iraq and the separation of assets in Egypt, informed sources said.
The move aims to provide the liquidity needed by the company heavily for its shareholders and to form a cash reserve to repay its debts.
The move comes after Kuwait Energy ended possible merger talks with London-based Soko International, and said the two sides had not met terms to satisfy both sides.
The Kuwait-based company, based in Bahrain, has assets in Iraq, Oman, Egypt and Yemen, and started merger talks after failing last year to complete an initial public offering on the London Stock Exchange, in which it hoped to raise about $ 150 million.
This led to a change in the board of directors in December, with the resignation of Sarah Akbar, the chief executive who co-founded the company and the appointment of six new members of the board.
Earlier this year, Kuwait Energy sold an 8.57 percent stake in the concession area of Dragon Oil, a unit of Emirates National Oil Company (ENOC), based in Dubai, for $ 100 million and ended a dispute over ownership with ENOC by adding an additional 6.43 percent Franchise.
The company's operations in Iraq are concentrated in three assets, including Zone 9 and Egypt has interests in four oil and gas fields.
At the end of 2017, Kuwait Energy had a liquidity of $ 65.6 million. The company has $ 250 million worth of bonds maturing in 2019. A debt convertible into shares worth about $ 150 million this year should start with an entity controlled by Abraaj Group for direct investment.
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Kuwait Energy appoints consultant to sell franchise in southern Iraq
[/rtl][rtl]Date of release: 2018/5/20 19:14 • 197 times read[/rtl]
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[rtl]KUWAIT (Reuters) - Kuwait Energy, an independent oil and gas firm, has appointed investment bank Perela Weinberg Partners to advise it on a possible sale of all or part of the concession area in southern Iraq and the separation of assets in Egypt, informed sources said.
The move aims to provide the liquidity needed by the company heavily for its shareholders and to form a cash reserve to repay its debts.
The move comes after Kuwait Energy ended possible merger talks with London-based Soko International, and said the two sides had not met terms to satisfy both sides.
The Kuwait-based company, based in Bahrain, has assets in Iraq, Oman, Egypt and Yemen, and started merger talks after failing last year to complete an initial public offering on the London Stock Exchange, in which it hoped to raise about $ 150 million.
This led to a change in the board of directors in December, with the resignation of Sarah Akbar, the chief executive who co-founded the company and the appointment of six new members of the board.
Earlier this year, Kuwait Energy sold an 8.57 percent stake in the concession area of Dragon Oil, a unit of Emirates National Oil Company (ENOC), based in Dubai, for $ 100 million and ended a dispute over ownership with ENOC by adding an additional 6.43 percent Franchise.
The company's operations in Iraq are concentrated in three assets, including Zone 9 and Egypt has interests in four oil and gas fields.
At the end of 2017, Kuwait Energy had a liquidity of $ 65.6 million. The company has $ 250 million worth of bonds maturing in 2019. A debt convertible into shares worth about $ 150 million this year should start with an entity controlled by Abraaj Group for direct investment.
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