Jassim Transport & Stevedoring Company (JTC), a leading provider of ports and contracts logistics services as well as heavy equipment and power leasing in Kuwait and the GCC, said it is in the process of completing the private placement to increase its shareholders’ base.
Increasing shareholders base is one of the prerequisites for listing on Boursa Kuwait.
Following the preliminary regulatory approval from the Capital Markets Authority, the JTC commenced the private placement mid-June.
CEO Adel Kohari said: "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."
Since the beginning of the year, JCT initiated the execution of a new 3-year logistics contract with Kuwait’s Ministry of Electricity & Water, in addition to signing new long-term strategic contracts with several oilfield services companies for power rental services in KOC oilfields.
These contracts are expected to drive revenue growth over the next 7 years.
"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," he added.
Furthermore, the Company 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, with plans to develop similar warehouses in the upcoming years.