CmaBoardReleases
Title: Resolution No. (60) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Gatehouse Capital to Market the units of LBOC 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
- The Memorandum and Articles of Association of Gatehouse Capital, and the agreement between the representative of the collective investment scheme which is Blue Pillar Advisor Ltd and the marketing manager Gatehouse Capital; and
- Based on the application submitted by Gatehouse Capital to conduct a private marketing of LBOC Real Estate Fund; and
- Resolution No. (22) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 04/03/2021.
The Following Was Resolved
Article (1)
Gatehouse Capital is hereby licensed to market 12,075 units (twelve thousand and seven five units only) of LBOC Real Estate Fund as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands, each unit of which consists of the following:
1- One share whose holder does not have a voting right in LBOC Real Estate Company Ltd.
2- Three shares whose holder does not have a voting right in LBOC Finance Company Ltd.
The offering price shall be USD 4,000 (four thousand US dollars only) per unit, in addition to a 1% subscription fee deducted from the offering price.
The marketed units 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:
- Gatehouse Capital
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: 17/05/2021