CMA LAW: Resolution No. (106) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Gulf Bank to Market the Units of Boston and Minneapolis Real Estates Portfolio

Having Perused:
1- 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
2- The Memorandum and Articles of Association of Gulf Bank, and the agreement between the representative of the collective investment scheme which is Investcorp Management Services Limited (IMSL) and the marketing manager Gulf Bank; and
3- The application of Gulf Bank to conduct a private marketing for the units of Boston and Minneapolis Real Estates Portfolio; and
4- 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)
Gulf Bank is hereby licensed to market 200 Units (two hundred units only) of Boston and Minneapolis Real Estates Portfolio as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. Each unit consists of the following:

1. One ordinary share whose holder does not have a voting right in 2023 Mag Finance Limited Company.
2. One ordinary share whose holder does not have a voting right in one of the following companies:

a- 2023 Mag Limited.
b- 2023 Mag Equity Limited.
c- 2023 Mag Investments Limited.
d- 2023 Mag Holdings Limited.
e- 2023 Mag Equity Holdings Limited.

The offering price shall be USD 100,000 (One hundred thousand US Dollars only) per unit, in addition to a subscription fee and administrative fees of 6% of the client’s investment.
Units to be marketed in the State of Kuwait shall be offered for professional clients only, 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:
- Gulf Bank.

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 certificate, 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: 04/07/2023.

Copy of the Official Document

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