CmaBoardReleases
Title: Resolution No. (199) 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 application for licensing securities activities submitted through the CMA’s electronic portal No. LSN20220009; 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:
- Securities Broker not registered with an Exchange
• 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 |
Almowazi Holding Company |
96% |
Kuwait |
2 |
Trust International Holding Company |
1% |
Kuwait |
3 |
Arab Investment Company |
1% |
Kuwait |
4 |
Muhannad Mohammed Abdullah Al-Sane |
1% |
Kuwaiti |
5 |
Mohammed Miteb Abdulaziz Al-Rasheed |
1% |
Kuwaiti |
This approval shall be valid for six renewable months as of 27/12/2022 and ending on 26/06/2023, in order to meet the criteria specified by the CMA.
Article (2)
The Shareholding Company under incorporation is hereby licensed according to this Resolution, in its final approved name and after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The License is for three renewable years as of the date of issuance of the CMA license certificate, and after paying the prescribed fee.
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: 28/12/2022.