Mubasher: Kuwaiti Capital Markets Authority (CMA) has approved Kuwait Investment’s request to launch a smart tech investment-focused fund, that will be floated on the stock market with a variable capital ranging between $18 million to $250 million.

The unit’s par value will amount to $100, while the minimum value for subscription in the fund will be 100 units, according to the company’s statement to Boursa Kuwait.

The fund aims to boost the firm’s capital on the long-term by focusing investments in technology companies over the coming period.

During the fourth quarter of 2018, Kuwait Investment announced turning to losses after suffering KWD 1.69 million, against achieving KWD 242,000 in profits in the prior-year period.

The company’s ordinary general meeting (OGM) last Monday approved to distribute 10% of the share’s nominal value, or 10 fils per share, as a cash dividend with a total value of KWD 5.47 million for the full fiscal year 2018.