CmaBoardReleases
Title: Resolution No. (49) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to KFH Capital Investment Company to Market the Shares of UK Real Estate Fund IV LP
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 KFH Capital Investment Company, and the agreement between the representative of the collective investment scheme which is UK Real Estate IV GP Limited and the marketing manager KFH Capital Investment Company; and
- The application of KFH Capital Investment Company to conduct a private marketing for the shares of UK Real Estate Fund IV LP; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
KFH Capital Investment Company is hereby licensed to market 250,000 units (two hundred and fifty thousand units only) of UK Real Estate Fund IV LP as a private subscription in the State of Kuwait. It is incorporated in the Island of Guernsey. The offering price shall be determined at the time of the offering based on the net asset value at that time, in addition to the subscription fee of 1% to 2% of the total capital contribution pursuant to the subscribe amount. The maximum total value of the units offered in the State of Kuwait shall not exceed 250 million British Pounds (two hundred and fifty British Pounds only).
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:
- KFH Capital Investment Company.
- Kuwait Finance House (KFH).
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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 30/03/2023.