CmaBoardReleases
Title: Resolution No. (139) of 2023 Regarding Cancellation of the License and Liquidation of KFH Capital Local Real Estate 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
- Due to the termination of KFH Capital Local Real Estate Fund’s term on 27/09/2023; and
- Resolution of the Unit Holders Assembly of KFH Capital Local Real Estate Fund held on 26/09/2023 on the approval of appointing Kuwait KFH Capital Investment Company as the Fund’s liquidator; and
- Based on Resolution No. (24) of 2023 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/02/2023.
The Following Was Resolved
Article (1)
The license of KFH Capital Local Real Estate Fund managed by Kuwait KFH Capital Investment Company at the CMA is hereby cancelled.
Article (2)
Kuwait KFH Capital Investment Company is hereby appointed as the Fund’s liquidator. The liquidator shall only proceed with the liquidation works after one month of this Resolution.
Article (3)
KFH Capital Local Real Estate Fund shall be removed from the Funds Register at the CMA after completing the liquidation process.
Article (4)
the Fund’s liquidator shall meet all the legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, for the period prior to the enforcement this Resolution.
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: 12/10/2023