Mubasher: Kuwait’s Capital Markets Authority (CMA) announced the launch of a tender from 2 June to 16 June to choose the adviser which will manage the initial public offering (IPO) for an equity stake in Boursa Kuwait.   

This step came as part of CMA’s privatisation programme which aims to offer a 50% stake in the shares of Boursa Kuwait to citizens, CMA said in a statement on Sunday.

A group of investors have acquired a 44% stake in Boursa Kuwait, while 6% has been allocated for the government, and 50% to citizens.

In February, a consortium led by Kuwait's National Investment Company won a tender to acquire 44% stake in the Kuwait stock exchange for 237 fils per share, with a total value of KWD 19.9 million.

Boursa Kuwait would likely launch an initial public offering (IPO) for the remaining 50% of shares during the first quarter of 2020, chairman of the CMA Board of Commissioners, Ahmad Al Melhem, previously said.