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Title: Resolution No. (99) of 2019 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to KFH Capital Investment Company to market the units of KFHC LEASING FUND 1
Date Publish 13 June 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 KFH Capital, and the agreement between the representative of the collective investment scheme which is KFHC Leasing Advisory1 Ltd. and the marketing manager of KFH Capital; and

- Based on the application submitted by KFH Capital to conduct a private marketing of KFHC Leasing Fund 1; 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)
KFH Capital Investment Company is hereby licensed to market 250,000 units (two hundred and fifty thousand units only) of KFHC Leasing Fund 1 as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands, divided as follows:

  1. 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 I Ltd., and one ordinary share in KFHC Real Estate Finance I Ltd.)
  2. 5000 units whose holder have a voting right (each unit of which consists of one ordinary share in KFHC Real Estate Equity I Ltd., and one ordinary share in KFHC Real Estate Finance I 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

 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
Head of Supervision Sector
 
Issued on: 13/06/2019

Copy of the Official Document

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