Boursa Kuwait has confirmed that based on a notice issued by the Ministry of Justice – Public Administration for Implementation, an auction for the sale of the following (unlisted) securities will be held online on behalf of the Ministry of Justice - Public Administration for Implementation. The process will commence on Monday, 28 August 2023.
Pearl of Kuwait Real Estate Company - 36 shares, at KWD 0.010. - City Group Company - 29 shares, at KWD 0.004. - Kuwait International Investment Holding Company - 1,353 shares, at KWD 0.004.
The auction takes place through the over the counter (OTC) trading system by placing buy orders for bidders on the system.
Bidding will commence precisely at 10:00 a.m. on the designated day of the sale, conducted by the seller, Middle East Financial Company. The purchase order price is required to exceed the base price established by the seller, and it must also surpass the price of the most recent purchase order recorded in the system for this specific bid.
Boursa Kuwait highlighted that in the event a broker representing one of the bidders places an order to buy the securities at a certain price, and five minutes elapsed without another bidder's broker submitting an order at a higher price, the auction will be granted to the bidder whose broker entered the most recent purchase order at the highest price.