Arab Today, arab today bourse company to offer model for privatisation in kuwait
Last Updated : GMT 08:20:02
Arab Today, arab today
Arab Today, arab today

Bourse company to offer model for privatisation in Kuwait

Arab Today, arab today

Arab Today, arab today Bourse company to offer model for privatisation in Kuwait

Kuwait bourse company
Kuwait - KUNA

Convening the Kuwait Bourse Company Constituent General Assembly on Sunday goes on line with the orientation of the Kuwait Capital Market Authority (CMA) to transfer the possession of the Kuwait Stock Exchange (KSE) to the private sector, said chairman of the newly-established company Khaled Abdelrazzaq Al-Khaled.
The board of directors of the Bourse Company will seek to offer a successful model for privatization in the Kuwaiti market, Al-Khaled told reporters on the sidelines of the company's Constituent General Assembly today.
This will be achieved through completion of the basic stages that enable the company to deal with components of the market, for the sake of producing a developed model that serves mechanisms of trading, monitoring and transparency, in addition to the creation of a favourable environment for new companies to realise more profits, he explained.
According to Al-Khaled, the plan of action of the Kuwait Bourse Company will be divided into three domains that cover setting the company's systems and bylaws as well as mechanism for dealing with the affiliate bodies besides restructuring the administrative sectors and jobs. The plan also includes privatising the company, whose capital has been identified at KD 60 million.
Privatisation is divided into two phases, the first of which will see offering 50 percent of the overall capital at an auction for the listed companies. In the second phase, the other 50 per cent will be sold to the Kuwaiti citizens in a public offer.
Restructuring the company's capital in this way is likely to create a unique variation on the Kuwaiti market, as single side will enjoy a majority share, consequently the board of directors will be free of any control, he said. This is of course for the good of professionalism of the company, and will also have positive impact on the small investors.
Launching the Kuwait Bourse Company will in no way conflict with work at the KSE, since its current board of directors has a definite mission, namely identifying the company's systems and bylaws as well as restructuring departments and jobs, in addition to achieving the KSE privatisation, while the Stock Exchange administration will carry on with usual work, till it is of no need.
The "Kuwait Bourse Company" was proclaimed earlier today after securing approval over all procedures toward establishment, said chairman of the new entity's constituent committee Abdullah Al-Qabandi.
Addressing the Constituent General Assembly, in full quorum, Al-Qabandi noted that the company's bylaws were adopted after gaining the approval of the Ministry of Commerce and Industry and the Kuwait Capital Markets Authority and notarization with the Ministry of Justice, and this was reported in the official gazette.
The constituent committee has opened an account with a Kuwait bank, in which the authority subsequently deposited 25 percent of the capital, KD 60 million.
An eight-member board had also been selected, he said. The members appointed by the authority were Khaled Abdelrazzaq Al-Khaled, Sabah Abdullah Al-Othman, Mohammad Ahmad Al-Saqqaf, Esam Abdelmehsin Al-Marzouq, and Mousa Ahmad Al-Kanderi. The other three members, independents, were Mohammad Saud Al-Osaimi, Husam Abdelrahman Al-Bassam and Saud Faisal Al-Mutawwa'.
The company is formed in line with law 7/2010, which states that all assets of Kuwait Stock Exchange come into possession of the Kuwait Capital Markets Authority. The next move is an auction on 50 percent of capital, with bidding allowed for companies which were listed with Kuwait Stock Exchange. There would also be a public subscription for 50 percent of company stocks for Kuwaiti nationals.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bourse company to offer model for privatisation in kuwait Arab Today, arab today bourse company to offer model for privatisation in kuwait

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bourse company to offer model for privatisation in kuwait Arab Today, arab today bourse company to offer model for privatisation in kuwait

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday