Kuwait Energy has hired Perella Weinberg Partners (PWP) investment bank in order to advise on the selling of a spin-off of the company’s Egyptian assets, Reuters reported.
The transactions aim to increase the company’s liquidity for shareholder dividends and debt repayments, according to CPI Financial.
The decision to sell its Egyptian spin-off comes following a breakdown in merger talks between Kuwait Energy and London-listed SOCO International earlier in 2018.
Kuwait Energy originally hoped raise around $150 million by listing shares on the London Stock Exchange. The company however failed to complete its initial public offering, leading to the resignation of company CEO Sara Akbar.
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons. The company has assets in has assets in Iraq, Oman, Egypt and Yemen.