CmaBoardReleases
Title: Resolution No. (175) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Watani Investment Company to Market the Shares of Leasing and Finance Fund 34 Ltd Company
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 Watani Investment Company, and the agreement between the representative of the collective investment scheme which is InterVest LP and the marketing manager which is Watani Investment Company; and
- The application submitted by Watani Investment Company to conduct a private marketing of the shares of Leasing and Finance Fund 34 Ltd Company; 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)
Watani Investment Company is hereby licensed to market 40,000,000 shares (forty million shares only) of Leasing and Finance Fund 34 Ltd Company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 10 (ten Us Dollars only) for each share in addition to a 2.25% 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:
- Watani Investment Company (NBK Capital).
- National Bank of Kuwait (NBK).
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, 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: 13/12/2023.