CmaBoardReleases
Title: Resolution No. (149) of 2017 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Dimah Capital Investment Company for US Venture VI Ltd 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 Dimah Capital Investment Company, and the agreement between the representative of the collective investment scheme which is Dimah Advisory Services Limited and the marketing manager "Dimah Capital Investment Company"; and
- Based on the request of Dimah Capital Investment Company to conduct a private marketing for US Venture VI Ltd Fund in the State of Kuwait; and
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 03/06/2015 on delegating some of the Supervision Sector’s competences; and
- Based on CMA Board of Commissioners Resolution No. (7-17) of 2017 passed in its meeting No. (17/2017) held on 25/04/2017 on appointing a deputy for the head of Supervision Sector in case of his absence and authorizing him of the same competences of the head of the Supervision Sector mentioned in Resolution No. (44) of 2015.
The Following Was Resolved
Article (1)
Dimah Capital Investment Company is hereby licensed to market the units of US Venture VI Ltd Fund as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands, and the maximum limit for units marketed in the State of Kuwait shall be a total of 63,000 shares divided as follows:
1.Total of 60,000 shares with no voting rights.
2.Total of 3,000 shares with voting rights.
The offer price shall be USD 1,000/- per unit or equivalent in Kuwaiti Dinars, in addition to 1% subscription fee of the total subscribed amount. The minimum subscription limit shall be USD 100,000 or the equivalent in Kuwaiti Dinars for each investor.
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 its Executive Bylaws, and their amendments.
The parties receiving the subscription applications are as follows:
• Dimah Capital 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.
Mubarak Alrefaei
Acting Head of Supervision Sector
Issued on: 21/11/2017