DUBAI- Kuwait’s Shamal Az-Zour Al-Oula Power and Water Company made its stock market debut on Sunday.

At 0845 GMT, the shares were trading at 0.388 dinar ($1.27) per share, below their opening price of 0.4 dinar, and after briefly rising to as high as 0.5 dinar, according to Refinitiv data.

The company, Kuwait’s first listed public private partnership (PPP), supplies about 10% of Kuwait’s installed power capacity and 20% of water desalination capacity in the country.

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