The Kuwait Capital Markets Authority has authorized Boubyan Capital Investment Company to privately market 25 million shares of Boubyan Islamic Income Fund 2, established in the Cayman Islands, exclusively to professional clients in Kuwait. The initial offer price is USD 10 per share.
Boubyan Capital may adjust the price at subsequent closings during the license term, provided the offering does not exceed the maximum aggregate value specified for Kuwait in the prospectus. A subscription commission payable once at subscription is set at 2.25% for beneficial owners who are not Boubyan employees and 1.2751% for those who are. Boubyan Capital Investment Company and Boubyan Bank are authorized to receive subscription applications.
The marketing license runs for one year from issuance of the authority’s license certificate, following payment of the prescribed fees. Those fees must be paid within one month of the decision’s issuance, otherwise the authorization will be void.