Kuwait Energy confirms plans for London IPO

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Kuwait Energy, an independent oil producer with assets in countries including Egypt and Iraq, has confirmed its intention to float in London.

The group, which was founded in 2005, has long sought a listing in London but has had to postpone plans due to the oil price crash and unrest in some of the countries in which it operates.

Kuwait is seeking to raise $150m through the issue of new shares. In addition, it said, the offer will provide current shareholders with an opportunity to partially realise their existing holdings.

The group, which is eyeing entry into the FTSE 250, produces over 24,000 barrels of oil equivalent per day.

The offer will test appetite from investors for assets in countries that have suffered from recent geopolitical difficulties.

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