CmaBoardReleases
Title: Resolution No. (48) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Gatehouse Capital for Economic and Financial Consultancy Company to Market the Units of USIPA IV Real Estate Fund
Having Perused:
- 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 Gatehouse Capital for Economic and Financial Consultancy Company, and the agreement between the representative of the collective investment scheme which is Blue Pillar Advisors Ltd. and the marketing manager which is Gatehouse Capital for Economic and Financial Consultancy Company; and
- The application submitted by Gatehouse Capital for Economic and Financial Consultancy Company to conduct a private marketing of the units of USIPA IV Real Estate Fund; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
Gatehouse Capital for Economic and Financial Consultancy Company is hereby licensed to market 25,000 units (twenty-five thousand units only) of USIPA IV Real Estate Fund as a private subscription in the State of Kuwait. It is incorporated in the Caymen Islands. Each unit shall consist of the following:
1. One share whose holder does not have a voting right in USIPA IV Real Estate Ltd Company.
2. Three shares whose holder does not have a voting right in USIPA IV Finance Ltd Company.
The offering price shall be USD 4,000 (four thousand US Dollars only) per unit in addition to the subscription fee of 1% of the offering price upon subscription.
The units to be marketed in the State of Kuwait shall be offered for professional clients only 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 the following:
- Gatehouse Capital for Economic and Financial Consultancy Company.
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The marketing license term is one year renewable annually from the issuance date of the CMA’s license, and after paying the prescribed fees.
Article (4)
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.
Article (5)
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 15/04/2024.