CMA LAW: Resolution No. (18) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Kuwait Financial Centre ‘Markaz’ Company to Market the Shares of MKZ GPE 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 Kuwait Financial Centre 'Markaz' Company, and the agreement between the representative of the collective investment scheme which is Markaz Investment Advisors Ltd and the marketing manager Kuwait Financial Centre 'Markaz' Company; and

- The application of Kuwait Financial Centre 'Markaz' Company to conduct a private marketing for the shares of MKZ GPE 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)
Kuwait Financial Centre 'Markaz' Company is hereby licensed to market 1,500,000 shares (one million and five hundred thousand shares only) of MKZ GPE Company as a private subscription in the State of Kuwait. It is incorporated in the Caymen Islands. The offering price shall be determined on the share price of the following valuation day, in addition to the subscription fee of 1% of the subscribed amount. The maximum total value of the shares offered in the State of Kuwait shall not exceed KWD 50 million (fifty million Kuwaiti Dinars only).

The marketed stakes 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 the following:
- Kuwait Financial Centre 'Markaz' Company 

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, 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: 19/02/2024.

Copy of the Official Document

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