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Title: Resolution No. (21) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to National Investments Company to Market the Shares of NIC Real Estate Credit Fund I Company
Date Publish
22 February 2024
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 National Investments Company, and the agreement between the representative of the collective investment scheme which is NIC Real Estate Credit Fund I Company and the marketing manager National Investments Company; and
- The application of National Investments Company to conduct a private marketing for the shares of NIC Real Estate Credit Fund I Company; 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)
National Investments Company is hereby licensed to market 150,000 shares (one hundred and fifty thousand shares only) of NIC Real Estate Credit Fund I Company as a private subscription in the State of Kuwait. It is incorporated in the Caymen Islands. The offering price shall be USD 1,000 (one thousand US Dollars only) per shares, in addition to the subscription fee of 1% paid once upon subscription.
The marketed stakes 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 the following:
- National Investments 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: 22/02/2024.
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