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Title: Resolution No. (121) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Kuwait Financial Centre Company - Markaz to Market the Shares of MKZ Development 40 Company
Date Publish
12 September 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 amendments thereto; and
- The Memorandum and Articles of Association of Kuwait Financial Centre Company-Markaz, and the agreement between the representative of the collective investment scheme, which is Markaz Investment Advisors Ltd, and the marketing manager Kuwait Financial Centre Company - Markaz; and
- The application of Kuwait Financial Centre Company - Markaz to conduct a private marketing for the shares of MKZ Development 40 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)
Kuwait Financial Centre Company - Markaz is hereby licensed to market 30,000 shares (thirty thousand shares only) of MKZ Development 40 Company as a private marketing in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 1,000 per share (one thousand US Dollars only).
The marketed shares 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:
- Kuwait Financial Centre Company - Markaz.
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: 12/09/2024.
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