CmaBoardReleases
Title: Resolution No. (121) of 2016 Regarding Collective Investment Scheme License Granted to KAMCO Investment Company for the Incorporation of KAMCO Islamic 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 KAMCO Investment Company for the incorporation of KAMCO Islamic Equity Fund in Kuwait; and
• Memorandum and Articles of Association of KAMCO Investment Company; and
• Articles of Association, issuance prospectus and agreements of administrative services providers of KAMCO Islamic Equity Fund; and
• Based on CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2016 held on 05/12/2016.
The Following Was Resolved
Article (1)
KAMCO Investment Company is hereby granted approval to incorporate KAMCO Islamic Equity Fund. Offering of the Fund’s units shall be through Initial Public Offering (IPO) in a variable capital ranging between USD 18,000,000/- and USD 550,000,000/- in a nominal value of USD 10/- per unit. The minimum subscription limit in the Fund is1,000 units (one thousand units only) in a value of $10 per unit upon incorporation, except for the unit holders wishing to subscribe in additional units.
Article (2)
Total of 55,000,000 units (Fifty Fife Million Units Only) shall be offered for subscription, which equals $550,000,000 (Five Hundred and Fifty Million USD Only). The Fund Manager’s participation in the Fund’s units shall not be less than KWD 250,000 or the equivalent in other currencies. He may not act on such units or redeem them throughout the duration of managing the fund.
Article (3)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (4)
The license term is 21 calendar years, starting from the date of its registration in CMA's investment funds' register, renewable for other similar term(s) after obtaining the approval of CMA and Unit Holders Assembly.
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 shall be 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: 13/12/2016