CMA LAW: Resolution No. (07) of 2024 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 US Student Housing II Portfolio

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 Gulf Bank, and the agreement between the representative of the collective investment scheme which is Investcorp Asset Advisory Services Limited – (IASL) and the marketing manager Gulf Bank; and

- Based on the application of Gulf Bank to conduct a private marketing for US Student Housing II Portfolio; 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)

Gulf Bank is hereby licensed to market 200 units (two hundred units only) of US Student Housing II Portfolio as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands, divided as follows:

1. 1 ordinary Share (one share) whose holder does not have a voting right in either of the two self-financing debt investment companies in:

• 2024ALGA Finance Limited.

or

• 2024ALGA Finance II Limited.

2. 1 ordinary Share (one share) whose holder does not have a voting right in 2024ALGA Equity Holdings Limited.

The offering price shall be USD 100,000 (one hundred thousand United States Dollars only) per unit, in addition to the subscription fee and administrative fees amounting to 6% of the client’s investment.

The units to be marketed within the State of Kuwait shall be offered only for professional clients in 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 its Executive Bylaws, and their amendments.

The parties receiving the subscription applications are as follows:

• 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 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: 23/01/2024.

Copy of the Official Document

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