The Capital Markets Authority (CMA) issued resolution No. (01) of 2023 regarding granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to Watani Investment Company (NBK Capital) to market 16 million Shares of the Islamic Leasing and Finance Fund XXVIII Ltd Company, incorporated in the Cayman Islands. The offering price was set at USD 10 per share, in addition to a 2.25% subscription fee paid once upon subscription.
CMA also indicated that the marketed shares shall be offered in the State of Kuwait for professional clients only according to the provision included in 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 as follows:
- Watani Investment Company (NBK Capital)
- The National Bank of Kuwait (NBK)
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees. The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default in paying the fees within the specified period, this Resolution shall be considered null and void. CMA called on concerned bodies to execute this Resolution, each within its jurisdiction, adding that the resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.