CmaBoardReleases
Title: Resolution No. (151) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities
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 license application of securities activities submitted through the electronic portal No. LSN20220012; and
- Based on Resolution No. (141) of 2022 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 04/09/2022.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval for incorporating a Closed Shareholding Company to practice securities activities. Its details are as follows:
• Securities Activities:
- Subscription Agent.
• Capital: KWD 1,000,000 (one million Kuwaiti Dinars)
• For the Company’s founders mentioned in the following table:
No. |
Name |
Ownership |
Nationality |
1 |
GFH Financial Group |
99.99% |
|
2 |
Yousef Aqeel Yousef Mahmoud Al-Ansari |
0025% |
Bahraini |
3 |
Thamer Saleh Habeeb Mohammad Ali Ghaith |
0025% |
Bahraini |
4 |
Hazem Yousef Mohammad Abdul-Kareem |
0025% |
Bahraini |
5 |
Salah Abdullah Mohammad Sharif |
0025% |
Bahraini |
This approval shall be valid for six renewable months starting from 03/10/2022 and ending on 02/04/2023, in order to meet the criteria specified by the CMA.
Article (2)
The Company under incorporation will be granted a license according to this Resolution in its final approved name after completing the requirements mentioned in the preliminary approval letter issued by the CMA, for three renewable years starting on the date of issuance of the CMA license certificate and after paying the prescribed fees.
Article (3)
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: 04/10/2022.