CmaBoardReleases
Title: Resolution No. (56) of 2022 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Warba Bank to Market the Units of Bainbridge Bayside Co Investment Ltd.
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 Warba Bank, and the agreement between the representative of the collective investment scheme which is Warba Advisory Ltd and the marketing manager Warba Bank; and
- The request of Warba Bank to conduct a private marketing for the units of Bainbridge Bayside Co Investment Ltd.; and
- Based on Resolution No. (48) of 2022 regarding amending the authorizations for the Supervision Sector’s procedures issued on 03/04/2022.
The Following Was Resolved
Article (1)
Warba Bank is hereby licensed to market 30,000 shares (thirty thousand shares only) of Bainbridge Bayside Co Investment Ltd. shares as a private subscription in the State of Kuwait. It is incorporated in the Virgin Islands of Britain.
The offering price shall be USD 1,000 (one thousand US Dollars only) per unit without voting rights, in addition to the subscription fee of 2.00% of the offering price at the time of subscription.
The marketed shares 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 their amendments.
The party receiving the subscription applications is the following:
- Warba Bank.
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 the 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: 13/04/2022