The Following Was Resolved:

Article (1)

Ahli Investment Company is hereby granted approval to incorporate Ahli International Multi Assets Holding Fund. Offering of the Fund’s units shall be through Initial Public Offering (IPO) in a variable capital ranging between a minimum of KD 5,000,000 (Five Million Kuwaiti Dinars Only) and a maximum of KD 300,000,000 (Three Hundred Million Kuwaiti Dinars Only) in a nominal value of KD 10/- per unit. The minimum subscription limit in the Fund is KD500 (Five Hundred Kuwaiti Dinars) and the multiples of Fifty Kuwaiti Dinars (KD 50 Only).

Total of 30,000,000 units (Thirty Million Units Only) shall be offered for subscription, which equals KD300,000,000 (Three Hundred  Million KWD Only). The Fund Manager’s participation in the Fund’s units shall not be less than KWD 250,000 or the equivalent in other currencies. He may not act on such units or redeem them throughout the duration of managing the fund.

The parties receiving the subscription applications are as follows:

Ahli Capital Investment Company

Article (3) 
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4) 
The Fund’s term is 10 calendar years, starting from the date of its incorporation. The term of the fund may be extended to similar term(s), after obtaining the CMA’s approval.

Article (5)
The Fund is granted a temporary license for three months from the date of the approval letter of granting the license issued by the CMA for the purpose of completing the CMA’s requirements and the minimum limit of the Fund’s capital. The Fund is not permitted to practice any of its activities based on this temporary license.

Article (6) 
If the term of the temporary license ends without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license term is extended for other similar term upon the request of the licensed person before the end of the original license term.

Article (7)
The assigned fees shall be paid within a month of the issuance of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (8)
The Fund is licensed, after completing the minimum limit of the capital, for three years from the date of its registration in CMA register.

Article (9) 
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

For more information about CMA's approval please click here.