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Title: Resolution No. (155) of 2024 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 the Shares of Islamic Real Estate Financing Fund 3 Ltd Company
Date Publish
02 December 2024
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 Watani Investment Company (NBK Capital), and the agreement between the representative of the collective investment scheme which is INTERVEST LP and the marketing manager Watani Investment Company (NBK Capital); and
- The application of Watani Investment Company (NBK Capital) to conduct a private marketing for the shares of Islamic Real Estate Financing Fund 3 Ltd Company; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
Watani Investment Company (NBK Capital) is hereby licensed to market 50,000,000 shares (fifty million shares only) of Islamic Real Estate Financing Fund 3 Ltd Company as a private subscription in the State of Kuwait. It is incorporated in the Cayman Islands. The offering price shall be USD 10 (ten US Dollars only) per share, in addition to a 2.25 % subscription fee paid once upon subscription.
The marketed shares shall be offered only for professional clients in 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 their amendments.
The parties receiving the subscription applications are the following:
- Watani Investment Company (NBK Capital).
- The National Bank of Kuwait (NBK).
Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.
Article (3)
The marketing license term is one year renewable annually from the issuance date of the CMA’s license, and after paying the prescribed fees.
Article (4)
The prescribed fees shall be paid within one month from the date of 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.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 02/12/2024.
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