CMA LAW: Resolution No. (39) of 2013 of CMA Board of Commissioners Regarding Granting a Collective Scheme License for the Incorporation of KAMCO Real Estate Yield Fund for KIPCO Asset Management Company K.S.C. (Closed)

Having Perused:
- Law No. (7) of 2010 of the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws; and

- Based on the request of KIPCO Asset Management Company K.S.C. (Closed) to incorporate KAMCO Real Estate Yield Fund in the State of Kuwait; and 

- The Articles and Memorandum of Association of KIPCO Asset Management Company K.S.C. (Closed); and 

- The Articles of Association, the issuance prospectus and the agreements of the administrative services providers of KAMCO Real Estate Yield Fund; and

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (19) of 2013 held on 1/12/2013.

The Following Was Resolved

Article (1)
KIPCO Asset Management Company K.S.C. (Closed) is hereby licensed to incorporate KAMCO Real Estate Yield Fund. The offering of the units shall be a public offering in a variable capital of $18,000,000 minimum, and the maximum is $550,000,000. The par value is $10/- per unit and the minimum subscription limit is 5000 units. 

Article (2)
Total number of units offered for subscription shall be 52,500,000 which equals $522,500,000. KIPCO Asset Management Company K.S.C. (Closed) shall be the party that receives the subscription applications. 

Article (3)
Objectives of the Collective Investment Scheme shall be as mentioned in the issuance prospectus.

Article (4)
The term of the Fund is 20 years starting from the date of its registration in CMA’s register. The term may be extended for a similar term.

Article (5)
The Fund is granted a license for three months to complete the minimum limit of the Fund’s capital and issue the equity units, which are renewable for a similar term in case the minimum capital is not covered.

Article (6)
The Fund is licensed after completing the minimum limit of the capital for three renewable years, starting from the date of its registration in CMA’s register. 

Article (7)
The concerned bodies shall execute this Resolution, each within its jurisdiction. It shall come into force from the date of publication in the Official Gazette.

Dr. Mahdi Ismael Al-Jazzaf
Vice Chairman, CMA Board of Commissioners
           
Issued on: 5/12/2013
     

نسخة pdf

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