Title: Resolution No. (147) of 2019 Regarding Granting a Collective Investment Scheme License to Boubyan Capital Investment Company for the Incorporation of Local and Gulf 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 Boubyan Capital Investment Company for the Incorporation of Local and Gulf Equity Fund in the State of Kuwait; and

- Memorandum and Articles of Association of Boubyan Capital Investment Company; and

- Articles of Association, issuance prospectus and agreements of administrative services providers of Local and Gulf Equity Fund; and

- Resolution No. (149) of 2018 regarding amending the final approval of authorizations for the Supervision Sector’s procedures issued on 25/11/2018. 

The Following Was Resolved:

Article (1):

Boubyan Capital Investment Company is hereby granted approval to incorporate Local and Gulf Equity Fund in a variable capital ranging between a minimum of KWD  5,000,000 (Five Million KWD Only) and a maximum of KWD 1,000,000,000 (One Billion KWD Only) in a nominal value of KWD 1 per unit (One KWD Only). The minimum subscription limit is KWD 5,000 (Five thousand KWD only) before listing.

Article (2):

1,000,000,000 units (One Billion units only) shall be offered for subscription, which is KWD 1,000,000,000 (One Billion KWD only). The Fund manager's participation in the Fund’s units shall not be less than KWD 250,000 (Two Hundred and Fifty Thousand KWD only). The Fund Manager shall not dispose of those units that represent the mentioned minimum limit nor redeem them during the period of his management to the Fund.

The parties receiving the subscription applications are as follows:

• Boubyan Capital Investment Company
• Boubyan Bank

Article (3):

The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4):

The Fund’s term is 10 calendar years, starting from the date of its registration in the Funds Register at the CMA. It is renewed for other similar terms after obtaining the approval of the CMA.

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):

In the event of the expiration of the temporary license without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license term is extended for another 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 from the date 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 the Funds Register at the CMA.

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.

Zeyad Al-Fulaij

Head of Supervision Sector

Issued on: 07/10/2019

Copy of the Official Document