CmaBoardReleases
Title: Resolution No. (113) of 2016 Regarding Private Marketing License of a Foreign Collective Investment Scheme Granted to KFH Capital Investment Company for European Real Estate Fund 1 LP
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 (European Real Estate Fund 1 LP) and the marketing manager (KFH Capital Investment Company); and
- Based on the request of KFH Capital Investment Company to conduct a private marketing for European Real Estate Fund 1 LP in the State of Kuwait;
The Following Was Resolved
Article (1)
KFH Capital Investment Company is hereby licensed to market a total of 58,500 units of European Real Estate Fund 1 LP as a private marketing inside the State of Kuwait. It is incorporated in the Guernsey Island. The offering price is EUR 1,000/- per unit (one thousand EURO only) or equivalent in Kuwaiti Dinars, in addition to 2% subscription fee per unit of the shareholder’s total capital. The minimum subscription limit is USD 30,000 (Thirty thousand EUR only) or equivalent in Kuwaiti Dinars for each investor and the multiples of 1,000 Euro.
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:
- KFH Capital Investment Company
- Kuwait Finance House Bank
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