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Title: Resolution No. (170) of 2022 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Kuwait Financial Centre Company to Market the Shares of MKZ Development 24 Company
Date Publish
07 November 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 Kuwait Financial Centre Company, and the agreement between the representative of the collective investment scheme, which is Markaz Investment Advisors Ltd, and the marketing manager Kuwait Financial Centre Company; and
- The application submitted by Kuwait Financial Centre Company to conduct a private marketing of the shares of MKZ Development 24 Company; 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)
Kuwait Financial Centre Company is hereby licensed to market 30,000 shares (thirty thousand shares only) of MKZ Development 24 Company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 1,000 (One thousand US Dollars only) per share.
The marketed shares shall be offered in the State of Kuwait for professional clients only according to the provision included in 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 parties receiving the subscription applications are as follows:
- Kuwait Financial Centre 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 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: 07/11/2022.
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