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Boursa Kuwait’s stock allocation concluded–CMA

Boursa Kuwait’s stock allocation concluded–CMA
Kuwaiti stock exchange's headquarters

Mubasher: Kuwait’s Capital Market Authority (CMA) announced on Monday the finalisation of the stock allocation of 50% of Boursa Kuwait Securities Company’s (BKSC) issued share capital and paid-in capital for subscribing citizens.

As from 19 December 2019, each Kuwaiti citizen can access Kuwait Clearing Company’s website, www.maqasa.com, to know their allocated stocks, CMA said in a statement received by Mubasher.

Earlier this month, the CMA said that the initial public offering (IPO) of its 50% stake in BKSC was concluded, with the share sale was oversubscribed by more than 8.5 times.

In the first phase of the IPO, a total of 5.773 million shares were allotted for 82,777 Kuwaiti citizens registered in the Public Authority for Civil Information (PACI), with 70 shares allocated for each.

The surplus stocks were distributed at an allocation rate of 11.05%.

Upon finalising of the 50% IPO, BKSC will be 94% owned by private investors, while the remaining stake will be owned by the state-run pension fund, the Public Institute for Social Security.