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Title: Resolution No. (01) of 2019 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Watani Investment Company (NBK Capital) for the Islamic Leasing and Finance Fund XII Ltd
Date Publish 07 January 2019


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 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 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 XII Ltd in the State of Kuwait on 20/12/2018; and

- Resolution No. (149) of 2018 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 25/11/2018.  

  
The Following Was Resolved
 
Article (1)
Watani Investment Company (NBK Capital) is hereby licensed to market 15,000,000 units (twenty seven million and five hundred thousand units only) of Islamic Leasing and Finance Fund XII Ltd 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 unit, 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 its Executive Bylaws, and their amendments.
The parties receiving the subscription applications are as follows:

- Watani Investment Company (NBK Capital)
- The National Bank of Kuwait (NBK)
- Boubyan Bank
- Boubyan Capital Investment 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 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
Acting Head of Supervision Sector
 
Issued on: 06/01/2019

Copy of the Official Document

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