"Kuwait Bourse Company" was proclaimed on Sunday 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 six million.
The 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'.
Al-Qabandi remarked that the constituent committee recommended that the board seek services of Deloittee/Bader Al-Wazzan as company auditor.
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.