Mubasher: Kuwait Energy disclosed that its preliminary discussions with SOCO International regarding a possible merger have been terminated, according to a recent statement on Kuwait Energy’s website.
Kuwait Energy clarified that this termination was reached because the parties could not reach a mutual agreement on accepting transaction terms, the company added.
“The board of Kuwait Energy remains committed to serving the best interest of all its stakeholders, and continues to consider and assess its options to create the desired liquidity for its shareholders,” the statement added.
It is worth noting that Kuwait Energy has assets in Iraq, Oman, Egypt, and Yemen; while SOCO operates in Vietnam, Congo, and Angola, while it does not have business in the Middle East.
