CmaBoardReleases
Title: Resolution No. (109) of 2021 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities
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 license application of securities activities submitted through the electronic portal LSN20210014; and
- Based on Resolution No. (63) of 2021 regarding amending the authorizations of the Supervision Sector’s procedures issued on 14/06/2021.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval for incorporating a Closed Shareholding Company to practice securities activities. Its data are as follows:
• Securities Activities:
- Investment Advisor
- Securities Broker not registered with an Exchange.
• Capital: KWD 1,000,000 (one million Kuwaiti Dinars)
• Founders:
# |
Name |
Ownership |
Nationality |
1 |
Fahad Mohammad Issa Alblushi |
61%
|
Kuwaiti |
2 |
Abdullah Mohammad Abdullah Alzimami |
36%
|
Kuwaiti |
3 |
Azzam Fahad Mohammed Issa Alblushi |
1%
|
Kuwaiti |
4 |
Market Equity Holding Co. |
1%
|
|
5 |
Wafra Technology Company for computer programming and operation |
1% |
This approval shall be valid for six months, renewable from starting from 27/09/2021 and ending on 24/03/2022, to meet the criteria specified by the CMA.
Article (2)
The Company under incorporation will be granted a license according to this Resolution with its final approved name after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The CMA license certificate will have a validity of three years starting on the date of issuance and is renewable after paying the prescribed fees.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance. It shall be published in the Official Gazette.
Fahad Al-Fadli
Acting Head of Supervision Sector
Issued on: 27/09/2021