Title: Resolution No. (164) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Warba Bank to Market the Shares of Warba Tribute Multifamily Real Estate Fund Co. Ltd
- 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 Warba Bank, and the agreement between the representative of the collective investment scheme which is Warba Advisory Ltd. and the marketing manager which is Warba Bank; and
- The application submitted by Warba Bank to conduct a private marketing of the shares of Warba Tribute Multifamily Real Estate Fund Co. Ltd; 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
Warba Bank is hereby licensed to market 50,000 shares (fifty thousand shares only) of Warba Tribute Multifamily Real Estate Fund Co. Ltd as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 1,000 (One thousand US Dollars only) for each share in addition to a 2% subscription fee paid once upon subscription.
The marketed shares 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 parties receiving the subscription applications are as follows:
- Warba Bank.
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.
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.
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.
Head of Supervision Sector
Issued on: 21/11/2023.