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Title: Resolution No. (110) of 2023 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Gatehouse Capital for Economic and Financial Consultancy Company to Market the Units of OAP Real Estate Fund
Date Publish
12 July 2023
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 Gatehouse Capital for Economic and Financial Consultancy, and the agreement between the representative of the collective investment scheme which is Blue Pillar Advisors Ltd and the marketing manager Gatehouse Capital for Economic and Financial Consultancy Company; and
- The application of Gatehouse Capital for Economic and Financial Consultancy Company to conduct a private marketing for the units of OAP Real Estate Fund; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
Gatehouse Capital for Economic and Financial Consultancy Company is hereby licensed to market 37,500 units (thirty-seven thousand and five hundred units only) of OAP Real Estate Fund as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. Each unit consists of the following:
1. One share whose holder does not have a voting right in OAP Real Estate Company Ltd.
2. Three shares whose holder does not have a voting right in OAP Finance Company Ltd.
The offering price shall be USD 4,000 per unit (four thousand US Dollars only) in addition to the subscription fee of 1% of offering price at the time of 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 party receiving the subscription applications is the following:
- Gatehouse Capital for Economic and Financial Consultancy 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 the 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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 12/07/2023.
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