Title: Resolution No. (92) of 2021 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Boubyan Capital Investment Company to Market the Shares of the Boubyan Islamic Leasing and Finance Fund 1 (KWD) Ltd
- 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 Boubyan Capital Investment Company, and the agreement between the representative of the collective investment scheme which is WCP Investments LP (Cayman) Limited and the marketing manager of Boubyan Capital Investment Company; and
- The application submitted by Boubyan Capital Investment Company to conduct a private marketing of of the Boubyan Islamic Leasing and Finance Fund 1 (KWD) Ltd; 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
Boubyan Capital Investment Company is hereby licensed to market 500,000 shares (five hundred thousand shares only) of the Boubyan Islamic Leasing and Finance Fund 1 (KWD) Ltd as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be 100 Kuwaiti Dinars (one hundred Kuwaiti Dinars only) per share, in addition to a 2.25% subscription fee paid once upon subscription.
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:
- Boubyan Capital Investment Company.
- Boubyan Bank.
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.
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.
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.
Head of Supervision Sector
Issued on: 23/08/2021