Mubasher: The Kuwaiti Capital Market Authority (CMA) has informed Athens Exchange and Bolsa de Madrid, Madrid's bourse, last week that both are technically qualified to compete for a share of Boursa Kuwait Securities Company’s capital.

According to the timeframe, the results of the technical tender evaluation were set to be revealed on 8 November as all technical bids submitted to the CMA were previously reviewed, sources told Al-Jarida.

Athens Exchange and Madrid's bourse have been chosen after meeting all prerequisite technical standards to compete for a 26% to 44% stake in Boursa Kuwait Securities Company’s capital, sources added.

Qualification standards for global operators require being located in a country classified as an emerging secondary market by FTSE Russell or as an emerging market by index compiler MSCI Inc, they indicated.

Total listed market capitalisation of the global operator should not be less than $200 billion with not less than 300 listed-firms and up to $200 million in annual revenue.

The deadline for submitting registration requests of applications to participate in the bid is 22 November. The financial bidding period for a share of the bourse capital will begin in a period between 10 and 13 December and the winner will be announced by the end of the year.