Kuwait Energy In Merger Talks With London-Listed SOCO International
Kuwait Energy had appointed Numis and BofA Merrill Lynch as global coordinators and joint bookrunners for last year's planned IPO, with EFG Hermes as co-bookrunner.
The Kuwaiti firm announced last June that it had not been able to complete the IPO. It did not give a reason, but said that in light of positive feedback from potential investors, it remained committed to obtaining a London listing and continued to explore its options.
In December, a board shake-up included the resignation of the company’s long-standing chief executive and co-founder Sara Akbar and the appointment of six new board directors.
Kuwait Energy also announced last month that it had agreed to extend the maturity of the principal repayment of a $155 million convertible loan due in November 2017, partially held by private equity group Abraaj.
(Editing by Andrew Torchia and Susan Fenton)
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