CMA LAW: Resolution No. (70) of 2016 Regarding Collective Investment Scheme License Granted to KFH Capital Investment Company for the Incorporation of KFH Capital Private Equity 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

• Based on the request of KFH Capital Investment Company for the incorporation of KFH Capital Private Equity Fund in Kuwait; and

• Memorandum and Articles of Association of KFH Capital Investment Company; and

• Articles of Association, issuance prospectus and agreements of administrative services providers of KFH Capital Private Equity Fund; and 

• Based on CMA Board of Commissioners Resolution passed in its meeting No. (23) of 2016 held on 20/07/2016.

The Following Was Resolved

Article (1)
KFH Capital Investment Company is hereby granted approval to incorporate KFH Capital Private Equity Fund. Offering of the Fund’s units shall be a private offer in a fixed capital of KD 54 million KD (Fifty-Four Million Kuwaiti Dinars Only) in a par value of KD 1 per unit. The minimum subscription limit in the Fund is 100,000 K.D (One hundred Thousand Kuwaiti Dinars Only).

Article (2)
Total of 51,300,000 units (Fifty One Million and Three Hundred Thousand Units Only) shall be offered for subscription, which equals KD 51,300,000 K.D. (Fifty One Million and Three Hundred Thousand Kuwaiti Dinars Only).

Article (3) 
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4) 
The license term is 9 calendar years, starting from the date of its registration in CMA's investment funds' register renewable for other similar terms pursuant to a
decision by the Fund's manager, if he is not informed by the subscribers who own more than 50% of the units of their unwillingness of renewal, three months prior to the end of the Fund's original period or the renewed one, and after obtaining the CMA's approval.

Article (5)
The Fund is granted a temporary license for three months from the date of the approval letter of granting the license issued by the CMA for the purpose of completing the CMA’s requirements and the minimum limit of the Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.
 
Article (6) 
If the term of the temporary license ends without completing the requirements stipulated in Article (5) of this Resolution, the temporary license is revoked, unless the license term is extended for other similar term upon the request of the licensed person before the end of the original license term.

Article (7)
The assigned fees shall be paid within a month of the issuance of this Resolution. In case of default, this Resolution shall be considered null and void. 

Article (8)
The Fund is licensed, after completing the minimum limit of the capital, for three years from the date of its registration in CMA register.

Article (9) 
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.

Dr. Nayef Falah Al-Hajraf 
Chairman, CMA Board of Commissioners

Issued on: 27/07/2016

Copy of the Official Document

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