CmaBoardReleases
Title: Announcement Regarding Expiration of the Period of the Preliminary Approval for the Incorporation of a Company that Practices Securities Activities
The Capital Markets Authority (CMA) announces the expiration of the period of the preliminary approval granted for the founders of a company under incorporation on 24/03/2022 pursuant to Resolution No. (109) of 2021 Regarding Granting Preliminary Approval for the Incorporation of a Closed Company to Practice Securities Activities issued on 27/09/2021 who are as follows:
Sr. |
Name |
Ownership |
nationality |
1 |
Fahad Mohammad Issa Alblushi |
61% |
Kuwaiti |
2 |
Abdullah Mohammad Abdullah Alzimami |
36% |
Kuwaiti |
3 |
Azzam Fahad Mohammed Issa Alblushi |
1% |
Kuwaiti |
4 |
Market Equity Holding Co. |
1% |
|
5 |
Wafra Technology Company for computer programming and operation |
1% |
|
Accordingly, the request of the securities activities license submitted by the founders of the company mentioned above is considered null and void as of the expiry date of the preliminary approval on 24/03/2022 in accordance with the provision of Article (1-7) of Module Five (Securities Activities and Registered Persons) 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 which stipulates:
“… If the applicant fails to submit the required information and documents within the period stipulated in writing by the Authority without an excuse acceptable to the Authority, the application shall be deemed to have been withdrawn.”