CmaBoardReleases
Title: Resolution No. (83) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to KAMCO Investment Company to Market the Units of Kamco Invest Joint Emerging Managers & Direct Investments Fund Limited
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 KAMCO Investment Company, and the agreement between the representative of the collective investment scheme which is Kamco Invest Joint Emerging Managers & Direct Investments General Partner Limited and the marketing manager of KAMCO Investment Company; and
- The application submitted by KAMCO Investment Company to conduct a private marketing of Kamco Invest Joint Emerging Managers & Direct Investments Fund Limited; and
- Based on Resolution No. (63) of 2021 regarding amending the authorizations for the Supervision Sector’s procedures issued on 14/06/2021.
The Following Was Resolved
Article (1)
KAMCO Investment Company is hereby licensed to market 150,000,000 units (one hundred and fifty million units only) of Kamco Invest Joint Emerging Managers & Direct Investments Fund Limited as a private subscription in the State of Kuwait. It is incorporated in Jersey Island. The offering price shall be USD 1 (one US Dollar only) per unit.
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:
- KAMCO Investment 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 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: 27/07/2021