Mubasher: Boursa Kuwait Securities Company on Sunday will hold an ordinary general meeting (OGM) to consider the company’s financial statements for the period ended on 31 March 2019 and elect a new board after the privatisation of a 44% stake. 

The private sector will take five out of eight seats, while state-owned Public Institution for Social Security (PIFSS) will have a seat and the remaining two seats will be allocated for the Capital Markets Authority (CMA), sources told Al-Anba newspaper.

National Investment Company-led consortium will acquire a 44% stake of Boursa Kuwait’s shares according to a tender offered by the CMA in mid-February 2018, while a 50% equity in the company will be floated in the first quarter of 2020 and state-backed PIFSS will hold the remaining 6% stake. 

The company’s shareholders will approve the auditor’s report for the previous period.

Boursa Kuwait Securities Company achieved an 11% increase in profits during the full-year 2018.

On Monday, 15 April, the chairman of the CMA said that the initial public offering (IPO) of Boursa Kuwait Securities Company is expected to take place in Q1-20.