The Capital Markets Authority (CMA) announced yesterday, 23 August 2023, the issuance of Resolution No. (123) of 2023 regarding the appointment of Al-Safat Investment Company as Substitute Manager for Cap Corp Local Fund.
Article (1) of the Resolution stipulates the appointment of Al Safat Investment Company as a substitute manager for Cap Corp Local Fund and the legal representative of the Fund in its relationship with third parties and before the judiciary and the authorized signatory, based on the approval of the Unit Holders Assembly of Cap Corp Local Fund held on 8 August 2023 for appointing Al Safat Investment Company as a substitute fund manager, and based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12 February 2023.
Article (2) of the Resolution called upon all the concerned bodies to execute this Resolution, each within its jurisdiction, adding that this Resolution shall come into force from the date of issuance, and it shall be published in the Official Gazette.
It is worth noting that Al-Safat Company announced in a statement issued on  21 August 2023 to Boursa Kuwait that it has finalized the necessary steps to formally declare the outcomes of the Extraordinary General Meeting (EGM) concerning the merger with CAP Corp, so that "Al-Safat" is the merging company, and "Cap Corp" is the merged company.