Title: BIDDING FOR AN EQUITY STAKE IN THE ISSUED SHARE CAPITAL OF BOURSA KUWAIT SECURITIES COMPANY K.P.S.C.
Date Publish 14 February 2019
Kuwait City 14 February 2019- The Capital Markets Authority of Kuwait would like to hereby announce the results of the bidding for a 44% equity stake in the issued share capital of Boursa Kuwait Securities Company K.P.S.C. and equivalent to 84,134,600 shares (eighty-four million, one hundred and thirty-four thousand and six hundred shares). The transaction was awarded to a consortium comprising of Athens Stock Exchange, National Investments Company, First Investment Company and Arzan Financial Group, that presented the highest Financial Bid of 237 fils per share and equivalent to a total Financial Bid of KWD 19,939,900.200 for the offered equity stake.
The above was pursuant to Article 33 of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, and according to the Bidding Provisions as published by the CMA in the Official Gazette (Kuwait AlYawm) number 1422 on the 9th of December 2018.
The privatization of Boursa Kuwait is an important step towards achieving the ambitious national developmental goals set out in Kuwait vision 2035. This will strengthen Kuwait’s position as a regional financial hub and provide the private sector with an even stronger role and opportunity to develop the national economy.
Finally, the Capital Markets Authority would like to take this opportunity and thank all the participants, including the International Operators and Local Investors, for contributing to the success of this historical transaction, wishing everyone further prosperity.
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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