KUWAIT CITY, Aug 17: As part of enforcement of the decision issued by the Commissioners Council at Capital Markets Authority (CMA) concerning settlement of the tender No. CAM/PROC/02/2019 in favor of KAMCO Investment Company, CMA signed a contract recently with the aforementioned company.
According to a press release, the contract is related to issuing the securities of Boursa Kuwait of 50 percent of the company’s capital for public subscription by Kuwaiti citizens. The services contract provided by KAMCO includes preparing the subscription memo, inviting Kuwaiti citizens whose names are registered at Public Authority for Civil Information (PACI), and supervising the process of allocating securities which represent 50 percent of the company’s capital based on procedures to be announced later.
This is the second stage of the decision to privatize Boursa Kuwait after CMA completed the first stage on February 14, which included privatizing 44 percent of the capital of Boursa Kuwait by organizing an auction for the coalition that included Athens Exchange Stock, National Investment Company, Al-Oula Financial Investment Company and Arzan Group for Finance and Investment. Public Institution for Social Security subscribed on February 18 for shares of six percent of the capital of Kuwait Boursa allocated for public sector’s bodies.