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Press Dossier   News Category    Economy    AEC increases capital through issuance of first preferred shares in Kuwait

Kuwait Times, Sun, May 19, 2024 | Dhu al-Qadah 11, 1445

AEC increases capital through issuance of first preferred shares in Kuwait

Kuwait: Action Energy Company (AEC) has completed a capital increase by way of issuing convertible preferred shares, which is the first of its kind in Kuwait. This primary issuance will strengthen the company’s financial position and help it expand its fleet of modern oil rigs and equipment to serve the Kuwait market and its growing demand.

AEC Chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah stated, “This investment is an important milestone in the growth plans of AEC, which are focused on expanding our services offering; on transferring technology for the benefit of the local economy; and on entering new markets, including the Saudi market, while aiming potentially for a future public offering of AEC shares. AEC is committed to serving the changing needs of the energy sector while contributing to the regional economy.”

The issuance by AEC of preferred shares marks a first in Kuwait and is part of the innovative products approved and supervised by the Capital Markets Authority for professional investors. The preferred shares issuance was fully subscribed by Gulf Investment Corporation.

NIC Chairman Khaled Waleed Al-Falah stated: “We are proud to act as the sole financial advisor to AEC in this historic transaction and lead the inaugural issuance of preferred shares in Kuwait. This milestone is a testament to NIC’s commitment to providing bespoke and innovative solutions for its clients.”

Al-Falah, on behalf of NIC, extended his sincere gratitude to the Capital Markets Authority, Competition Protection Agency, and Kuwait Clearing Company for their valuable cooperation and contribution to the successful completion of this transaction.

AEC was established in 2015 to serve the upstream operations including drilling and well services in Kuwait in partnership with global oil and gas service companies. It has grown its fleet of modern rigs rapidly while deploying in-the-field capabilities successfully. Expanding its asset base and its team of professional operators serves the needs of the local market with an eye on cross-border expansion.

Founded in 1987 and listed on the Premier Market segment of Boursa Kuwait, NIC remains at the forefront of excellence and innovation. Renowned for its proficiency in mergers and acquisitions, capital raising, listing, and advisory services, NIC has earned widespread acclaim and trust from clients spanning diverse sectors.

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