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Title: Resolution No. (160) of 2022 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to The Securities House Company to Market the Units of Summerville Industrial Real Estate Fund
Date Publish
19 October 2022
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 The Securities House Company, and the agreement between the representative of the collective investment scheme which is Silverstone Capital Ltd and the marketing manager The Securities House Company; and
- The request of The Securities House Company to conduct a private marketing for the units of Summerville Industrial Real Estate Fund; 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 Securities House Company is hereby licensed to market 1,750 units (one thousand, seven hundred and fifty units only) that has a voting right of Summerville Industrial Real Estate Fund as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. Each unit consists of the following:
1. One ordinary share whose holder has a voting right in Summerville Real Estate Ltd.
2. Three ordinary shares whose holder has a voting right in Summerville Finance Ltd.
The offering price shall be USD 4,000 (four thousand US Dollars only) per unit in addition to the subscription fee of 1% of the offering price at the time of subscription.
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 their amendments.
The party receiving the subscription applications is the following:
- The Securities House 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 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.
Fahed Al-Fadli
Acting Head of Supervision Sector
Issued on: 19/10/2022
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