Mubasher: Kuwait’s Capital Market Authority (CMA) announced that the initial public offering (IPO) of its 50% stake in Boursa Kuwait Securities Company (BKSC) was finalised.
The offering, which spanned between 1 October and 1 December, was oversubscribed by more than 8.5 times, CMA said.
This was the final phase of the privatisation process of the BKSC, following the sale of 44% of the stock exchange operator to strategic investors last February.
With the successful conclusion of the offering, which was led and managed by KAMCO Investment Company, Boursa Kuwait became the only stock exchange in the Middle East that is not owned by the state.
“As of 1 pm yesterday, 94% of Boursa Kuwait Securities Company is owned by private investors, while the remaining 6% is owned by the State-run pension fund, the Public Institute for Social Security,” CMA’s commissioners board chairman Ahmad al Melhem said.
The offering came within the framework of national development goals, set in Kuwait’s Vision 2035, which aims to boost the Gulf country’s position as regional financial
