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CMA LAW: Resolution No. (161) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities
Date Publish
20 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
-Resolution No. (151) of 2022 issued on 04/10/2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities; and
- The request of GFH Financial Group to change some names of the founders on 06/10/2022; 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)
Article (1) of Resolution No. (151) of 2022 issued on 04/10/2022 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities shall be amended to be as follows:
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)
This is for the Company founders mentioned in the following table:
|
No. |
Name |
Ownership |
Nationality |
|
1 |
GFH Financial Group |
99.99% |
|
|
2 |
GFH Ventures L.L.C. |
0.0025% |
Bahraini |
|
3 |
BSB Ventures L.L.C. |
0.0025% |
Bahraini |
|
4 |
GFH EST. Company |
0.0025% |
Cayman Island |
|
5 |
GFH Investment Holding Company |
0.0025% |
Cayman Island |
Article (2)
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: 20/10/2022.
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