CmaBoardReleases
Title: Resolution No. (66) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Kuwait Financial Centre – MARKAZ to Market the Units of Markaz Arabian 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 Kuwait Financial Centre – MARKAZ; and
- Based on the application submitted by Kuwait Financial Centre – MARKAZ to conduct a private marketing of Markaz Arabian 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)
Kuwait Financial Centre – MARKAZ is hereby licensed to market 33,000,000 units (thiry three million units only) of Markaz Arabian Fund as a private subscription in the State of Kuwait. It is incorporated in the the Kingdom of Bahrain. The offering price shall be determined based on the unit price on the post evaluation day, in addition to a 0.5% subscription fee deducted from the subscription price, provided that the maximum limit of the total value of the units offered in the State of Kuwait shall not exceed 50 million Kuwaiti Dinars (fifty million Kuwaiti Dinars only).
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:
- Kuwait Financial Centre – MARKAZ
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: 17/06/2021