Boursa Kuwait to List Shares During Second Quarter of 2020

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Boursa Kuwait to List Shares During Second Quarter of 2020

Boursa Kuwait, the first stock exchange owned by the private sector in the Middle East, approved the listing of the company’s shares in the Kuwaiti market, setting April 19, 2020 as a preliminary date for listing. The company will be taking the necessary measures to obtain the approval of the Capital Markets Authority for the official listing. Additionally, the National Investment Company has been appointed as the official listing advisor.

According to the applicable rules, Boursa Kuwait shares will be traded on the over-the-counter (OTC) platform for unlisted securities starting January 15, 2020 and until applying for an official listing on the stock exchange.

The measurable steps and achievements made by Boursa Kuwait during the past few years, such as expanding the range of products and services, developing an attractive environment for liquidity by providing more promising investment opportunities, expanding the investor base, and introducing regulatory reforms, in addition to the amendment and simplification of listing rules to suit the needs of individual and corporate investors, have led the company to occupy a prominent position among global stock exchanges. The growing reputation of Boursa Kuwait as an attractive capital market destination has become a key driver of investments.

Boursa Kuwait’s Board of Directors and senior management have played a vital role in raising awareness of the importance of listing on the stock exchange and encouraging public-sector companies to be listed, reflecting positively on the development of the Kuwaiti market.

The privatization process of Boursa Kuwait was carried out in two phases. During the first phase, which took place in February 2019, the bidding for the purchase of 44% of shares in the company was won by the alliance of the National Investment Company, the First Investment Company, and Arzan Finance and Investment Company, in addition to the Athens Stock Exchange. The second phase was completed in December when 50% of the company’s shares were offered for public subscription to Kuwaiti citizens between October 1 and December 1. The offer for shares was oversubscribed by more than 8.5 times.

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