CmaBoardReleases
Title: Announcement Regarding Expiration of the Preliminary Approval Period for the Incorporation of a Company that Practices Securities Activities
The Capital Markets Authority (CMA) announces the expiration of the preliminary approval period granted for the founders of a company under incorporation on 12/11/2022 pursuant to Resolution No. (96) of 2022 Regarding Granting Preliminary Approval for the Incorporation of a Closed Company to Practice Securities Activities issued on 26/05/2022 who are as follows:
Sr. |
Name |
Ownership |
nationality |
1 |
Khalid Ali Tarish Al-Thahir |
51% |
Kuwaiti |
2 |
Market Winner Commission Agent- L.L.C. |
28% |
|
3 |
Issa Mufareh Hazza Al-Adwani |
10% |
Kuwaiti |
4 |
Ma’any Thwaini Ayith Al-Mutairi |
10% |
Kuwaiti |
5 |
Fedhah Hasher Jaza’a Al-Mutairi |
1% |
Kuwaiti |
Accordingly, the request of the securities activities license submitted by the founders of the Company mentioned above is considered null and void as of the expiry date of the preliminary approval on 12/11/2022 in accordance with the provision of Article 1-7 of Module Five (Securities Activities and Registered Persons) 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 which stipulates:
“… If the applicant fails to submit the required information and documents within the period stipulated in writing by the Authority without an excuse acceptable to the Authority, the application shall be deemed to have been withdrawn.”
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