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JTC is one step closer to being listed on Boursa Kuwait, the country’s stock market
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It said it was in the process of completing the private placement to increase its shareholders’ base
Ports and contracts logistics services provider Jassim Transport & Stevedoring Company, also known as JTC, is one step closer to being listed on Boursa Kuwait, the country’s stock market, said local reports on Sunday, July 4.
JTC was quoted by the reports as saying that it was in the process of completing the private placement to increase its shareholders’ base.
Boursa Kuwait considers increasing shareholders as one of the prerequisites for a company to be listed there.
JTC started the private placement in the middle of last month, following the preliminary regulatory approval from Kuwait’s Capital Markets Authority.
JTC CEO Adel Kohari was quoted by the reports as saying: “The company is proceeding with its strategy to list its shares on the Boursa Kuwait. In addition to the private placement, we are carrying out several internal procedures that will improve the level of transparency, provide the necessary training for employees to deal with the company’s new strategy and other matters that contribute to the company’s readiness for listing.”
He added: “So far this year, the performance and achievements have been very satisfactory on both the financial and operational levels. We have won new contracts, commenced new projects and implemented new businesses.”
JTC has this year started executing a new three-year logistics contract with Kuwait’s Ministry of Electricity & Water, besides signing new long-term contracts with several oilfield services companies for power rental services in KOC oilfields.
These contracts are expected to drive its revenue growth over the next seven years.
JTC has also commenced aggregate cargo handling services at Shuaiba port and started construction of a new temperature-controlled warehouse at Mina Abdullah. This warehouse is expected to start operating early 2022.