The Kuwait Capital Markets Authority has approved Securities House Company to establish the Qalam Educational Fund as a private offering in Kuwait. The fund will have capital of between KWD 20 million and KWD 100 million, with up to 2,000 units offered at a nominal value of KWD 50,000 each. The minimum subscription is one unit, and the fund manager must invest at least KWD 100,000 at establishment. The fund will initially receive a three-month temporary license to meet the authority’s requirements and reach the minimum capital threshold, during which it may not conduct fund activities. Once the minimum capital is secured and the fund is registered, it will receive a three-year license. Its term will be five years from registration, with up to two one-year extensions subject to authority approval.
Kuwait Capital Markets Authority approves Qalam Educational Fund with capital of up to KWD 100 million
The Kuwait Capital Markets Authority has approved Securities House Company to establish the privately offered Qalam Educational Fund with capital of KWD 20 million to KWD 100 million. The fund will receive a three-month temporary license to meet its capital and regulatory requirements, followed by a three-year license upon registration.