Magazine article Global Finance

Capital Markets Authority to Sell 50% of Bourse

Magazine article Global Finance

Capital Markets Authority to Sell 50% of Bourse

Article excerpt

The Kuwait Capital Markets Authority (CMA), regulator for the securities industry, will sell its 50% stake in Boursa Kuwait Securities, the country's only stock exchange operator, through an initial public offering of its shares to Kuwaiti citizens in the fourth quarter of 2019.

The IPO is the final stage of the bourse's privatization process, which began in February with the sale of a 44% stake in the exchange to a consortium led by Kuwait's National Investments Company (NIC) and including the Athens bourse, which will provide technical infrastructure and install its trading system.

Following the IPO, 50% of Boursa Kuwait's shares will be held by Kuwaiti citizens, 44% by strategic investors, and 6% by the Kuwait government through the Public Institution for Social Security.

The subscription period for citizens will be open from October 1 through December 1, 2019. …

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