A mid maturing regional equity markets and realigned international investor interest – that have helped shift the world’s economic centre of gravity – Kuwait’s stock exchange, Boursa Kuwait, is keen to develop an efficient capital market to attract attention and carve its own space.
Of the many initiatives in recent years, Boursa Kuwait’s privatisation agenda, that culminated in its listing in October this year, was a key event to fortify the exchange’s position. Capital Markets Authority, Kuwait’s market regulator, put up 50 per cent of its shares in Boursa Kuwait for sale, subscription of which was exclusive to Kuwaiti nationals. “We plan to raise KWD10m ($33m) – it is the par value set at 100 fils per share,” said Mohammad Saud Al-Osaimi, CEO, Boursa Kuwait.
Trading of Boursa’s shares will be open for all nationalities, post its anticipated listing by June next year. The IPO was preceded by a sale of 44 per cent of Boursa’s stake to a consortium of investors – Athens Stock Exchange, National Investments Company, First Investment Company, and Arzan Financial Group – in February this year. The Kuwaiti government, through the Public Institution for Social Security, holds a 6 per cent stake in the exchange.
This story is from the December 2019 edition of Gulf Business.
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This story is from the December 2019 edition of Gulf Business.
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