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Kuwait’s CMA to start stake sale of Bourse Kuwait to citizens

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The subscription period will run from 1 October to 1 December 2019, with the offering price set at 100 fils per share.

Monday 09, September 2019 BY KUDAKWASHE MUZORIWA

The Kuwait Capital Market Authority (CMA) will start a public offering of its 50 per cent stake in the local stock exchange next month and only Kuwaiti citizens will be eligible to acquire the shares.

In a statement, the CMA said that the regulator is pleased to invite the Kuwaiti citizens to the subscription of its (50 per cent) shares in Boursa Kuwait Securities Company.

The offering is the second and final stage of a privatisation process that started in February when the markets regulator sold 44 per cent of the company to a consortium of domestic and international investors.

The move will make Boursa Kuwait the second stock exchange in the Gulf to be publicly traded after Dubai’s.

After the completion of the offering, Kuwait’s Public Institution for Social Security will retain the remaining six per cent in the company.

Kuwait’s main equity index is up about 24 per cent this year, the most within major peers in the region, amid bets of an upgrade from frontier to major emerging-markets gauges.

The consortium that bought the stake earlier this year comprised the Athens Stock Exchange, National Investments Company as well as First Investment Company and Arzan Financial Group.

 

TAGS : Boursa Kuwait Securities Company, Kuwait Capital Market Authority, Public Institution for Social Security, Arzan Financial Group, Athens Stock Exchange, National Investments Company, First Investment Company

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