boursa3
Regarding the Bidding for an Equity Stake
in Boursa Kuwait between 26% to 44%
Whereas on the 6th of May 2018, in the Official Gazette issuance number 1391, the Capital Markets Authority of Kuwait (“CMA”) announced the bidding for an equity stake in Boursa Kuwait that ranges between 26% to 44%, considering the following:
1- Overview - Boursa Kuwait
2- Background of the CMA and Boursa Kuwait
3- Overview of the proposed bidding process for an equity stake in Boursa Kuwait
4- Overview of the investment model
5- Qualification criteria for International Operators
6- Qualification criteria for Local Companies
7- Call for Expression of Interest
8- Key milestones and timelines
9- Guidelines for entering the official bidding process
10- Meeting with the qualified Local Companies
11- CMA contact person
The opportunity has seen significant interest from investors to date. On the 4th June 2018, the CMA’s advisors held a consultation meeting with qualified Local Companies to provide further details and solicit their feedback on the transaction process.
As part of the meeting, Local Companies have requested the CMA to extend the transaction timelines to allow for sufficient time to assess the opportunity and to engage potential partners. Accordingly, the CMA has decided to approve the extension of the high-level timelines of this transaction, and therefore amend the announcement mentioned regarding:
1- Key milestones and timelines
2- Guidelines for entering the official bidding process
As follows:
Key milestones and timelines
As a result of the Local Companies’ meeting, the CMA has agreed to extend the transaction timeline until the end of the calendar year 2018. Below is an outline of the key milestones and updated high-level timelines:
• 24th of May 2018: The Virtual Data Room (“VDR”) has been launched on the 24th of May 2018. Qualified Local Companies and International Operators who submit the Expression of Interest (“EOI”) and Non-Disclosure Agreement (“NDA”) will receive a letter from the CMA, 3 working days after submission, officially inviting them to participate in the due diligence process and technical bidding phase
• 1st of August 2018: Deadline for submission of EOI and NDA by Qualified Local Companies and International Operators
• 18th of October 2018: Deadline for submission of technical bids by the Qualified International Operators
• 8th of November 2018: Announcement of the assessment results of the technical bid
• 22nd of November 2018: Deadline for the bidding registration
• 10th – 13th of December 2018: Financial Bid submission period
• Before end of December 2018: Announcement of the result of the winning bid.
The CMA may amend the previous dates or procedures stated opposite to each, or any of the bidding procedures and conditions at any time as it deems appropriate. These amendments shall be published on the CMA website or by any other means the CMA deems appropriate. The amendments shall be considered effective as of the date of publication on the electronic CMA website, unless the CMA specifies another date of its effectiveness.
Guidelines for entering the official bidding process
To officially participate in the bidding process, interested International Operators and Local Companies are required to submit the following:
• A soft copy via e-mail of the signed EOI, and the original hard copy to be submitted to the CMA address detailed below.
• Two original hard copies of the NDA signed and submitted to the CMA address detailed below.
For qualified International Operators, the EOI needs to include:
• Confirmation that the firm meets the qualification criteria of an international operator.
• Supporting document of the authorized signatory signing the EOI and NDA.
• Designated contact person including name, address, email and phone number.
For qualified Local Companies, the EOI needs to include:
• A commercial registration certificate and Commercial License from the Ministry of Commerce and Industry in Kuwait together with its Memorandum of Association and Articles of Association (and all amendments thereto).
• Supporting document of the authorized signatory signing the EOI and NDA.
• Designated contact person including name, address, email and phone number.
The required forms can be found below.
The CMA may exempt from submitting the EOI or any of the documents referred to at the request of the Local Company or the International Operator stating the reasons for the exemption from the EOI or any other documents referred to.
Other provisions
Except as provided herein from amendments, all the terms, conditions, and procedures contained in the announcement published in the Official Gazette on 6th of May 2018 on the above subject shall remain unchanged.
Kindly fill in the applicable forms below: