CmaBoardReleases
Title: Resolution No. (112) of 2016 Regarding Private Marketing License of a Foreign Collective Investment Scheme Granted to KFH Capital Investment Company for KFH Capital Oceanic Leasing Fund
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 KFH Capital Investment Company, and the agreement between the foreign collective investment scheme representative (Tufton Oceanic Middle East Ltd) and the marketing manager (KFH Capital Investment Company); and
- Based on the request of KFH Capital Investment Company on 03/08/2016 to conduct a private marketing for KFH Capital Oceanic Leasing Fund;
The Following Was Resolved
Article (1)
KFH Capital Investment Company is hereby licensed to market a total of 100,000 units of KFH Capital Oceanic Leasing Fund as a private marketing inside the State of Kuwait. It is incorporated in the Cayman Islands. The offering price is USD 100,000/- per unit, in addition to 2% subscription fee per unit. The minimum subscription limit is USD 100,000/- or equivalent in Kuwaiti Dinars for each investor.
The units shall be marketed only for professional clients inside 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 its Executive Bylaws, and their amendments. The subscription applications receiving parties are as follows:
- Kuwait Finance House Bank
- KFH Capital Investment Company
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The license term is one year renewable annually from the issuance date of CMA’s license, and after paying the assigned fees.
Article (4)
The assigned fees shall be paid within a month of the 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.
Mishaal M. Al-Usaimi
Issued on: 28/11/2016