Title: Resolution No. (58) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Watani Investment Company (NBK Capital) to Market the Shares of the Islamic Leasing and Finance Fund XXII Ltd Company
Date Publish 04 May 2021
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- The Memorandum and Articles of Association of Watani Investment Company (NBK Capital), and the agreement between the representative of the collective investment scheme which is WCP Investments LP and the marketing manager of Watani Investment Company (NBK Capital); and
- Based on the application submitted by Watani Investment Company (NBK Capital) to conduct a private marketing of the Islamic Leasing and Finance Fund XXII Ltd Company; and; and
- Resolution No. (22) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 04/03/2021.
The Following Was Resolved
Watani Investment Company (NBK Capital) is hereby licensed to market 20,000,000 shares (twenty million shares only) of Islamic Leasing and Finance Fund XXII Ltd company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 10 (ten US Dollars only) per share, in addition to a 2.25% subscription fee paid once upon subscription.
The marketed units shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
The parties receiving the subscription applications are as follows:
- Watani Investment Company (NBK Capital)
- The National Bank of Kuwait (NBK)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Head of Supervision Sector
Issued on: 04/05/2021
Copy of the Official Document
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