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Title: Resolution No. (105) of 2024 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 Boubyan Islamic Leasing and Finance Fund 10 (USD) Ltd Company
Date Publish
20 August 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 thereto; 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 InterVest LP and the marketing manager Boubyan Capital Investment Company; and
- The application of Boubyan Capital Investment Company to conduct a private marketing for the shares of Boubyan Islamic Leasing and Finance Fund 10 (USD) Ltd 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)
Boubyan Capital Investment Company is hereby licensed to market 10,000,000 shares (ten million shares only) of Boubyan Islamic Leasing and Finance Fund 10 (USD) Ltd Company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 10 (ten US Dollars only) per share, in addition to a 2.25 % subscription fee paid once upon subscription.
The shares to be marketed in the State of Kuwait shall be offered only for professional clients 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:
- Boubyan Capital Investment Company.
- Boubyan Bank.
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: 20/08/2024.
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