Kuwait, April 14, 2008 Ikarus Petroleum Industries (Ikarus) is pleased to announce the successful listing of its stock on the Kuwait Stock Exchange.
The launch of the stock generated a wave of enthusiastic buying activity, even though the market overall had a lackluster day. On the first day of trading Ikarus shares were changing hands at more than 5 times the issue price – a sign of confidence in the company’s management, and a reflection of the quality of the Ikarus investment portfolio.
Ikarus, with an issued and paid-up capital of KD75 million, was originally established as the petrochemicals investment arm of Kuwait’s National Industries Holding Group (NIG). NIG is the largest private sector industrial company on the Kuwait Stock Exchange, with a market capital of US$ 8 billion.
Ikarus’ Management Team has substantial operational background in the petrochemicals field and its Board of Directors hold leading positions in the Energy sector. Ikarus’ investment portfolio includes leading petrochemicals manufacturers such as Sipchem and Tasnee, two of the largest private sector operators in Saudi Arabia.
With a robust balance sheet and a focused investment strategy on the Middle East and North Africa (MENA) region, Ikarus is well positioned for further growth.