CmaBoardReleases
Title: Resolution No. (13) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Wafra International Investment Company to Market the Units of the SICO Fund Company IX B.S.C. (Closed) (ElZaad Sukuk Fund)
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 Wafra International Investment Company, and the agreement between the representative of the collective investment scheme, which is SICO Company B.S.C. (Closed) and the marketing manager of Wafra International Investment Company; and
- The application submitted by Wafra International Investment Company to conduct a private marketing of the SICO Fund Company IX B.S.C. (Closed) (ElZaad Sukuk 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)
Wafra International Investment Company is hereby licensed to market 1,000,000 Units (one million units only) of SICO Fund Company IX B.S.C. (Closed) (ElZaad Sukuk Fund) as a private subscription in the State of Kuwait. It is incorporated in the the Kingdom of Bahrain. The offering price shall be USD 100 (one hundred US Dollars only) per unit, in addition to a 1% subscription fee paid once upon subscription.
The marketed units 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:
- Wafra International Investment 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 in paying the fees within the specified period, 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: 19/01/2023.