Title: Resolution No. (03) of 2019 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to KFH Capital Investment Company for the KFHC U.S. REAL ESTATE FUND II
Date Publish 09 January 2019
- 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 KFH Capital Investment Company, and the agreement between the representative of the collective investment scheme which is KFHC Investment Advisory II Ltd. and the marketing manager KFH Capital Investment Company; and
- Based on the application submitted by KFH Capital Investment Company to conduct a private marketing of the KFHC U.S. Real Estate Fund II in the State of Kuwait on 29/11/2018; 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
KFH Capital Investment Company is hereby licensed to market 250,000 units (two hundred and fifty thousand units only) of KFHC U.S. Real Estate Fund II as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands, divided as follows:
- 245,000 units whose holder does not have a voting right (each unit of which consists of one ordinary share in KFHC Real Estate NV Equity II Ltd., and one ordinary share in KFHC Real Estate Finance II Ltd.)
- 5000 units whose holder does have a voting right (each unit of which consists of one ordinary share in KFHC Real Estate Equity II Ltd., and one ordinary share in KFHC Real Estate Finance II Ltd.)
The offering price shall be determined at the time of the offering based on the net asset value at that time per unit in addition to the subscription fee of 2% of the purchase price of each investment unit. The subscription agent shall have the right to reduce or waive the subscription fee to any qualified investor.
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:
- KFH Capital Investment Company
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.
Acting Head of Supervision Sector
Issued on: 09/01/2019
Copy of the Official Document
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