IPO of remaining 50 pct of Kuwaiti bourse seen in Q4 2019 or Q1 2020

Our goal is to be on the same level as global stock markets: Al-Omairi

KUWAIT CITY, Feb 17, (Agencies): The initial public offering for the remaining 50 percent of shares in the Kuwaiti bourse will take place in the fourth quarter of 2019 or the first quarter of 2020, said Abdulaziz AlMarzouq, commissioner of the Capital Markets Authority and vice-chairman of the bourse’s privatization committee.

Kuwait stock exchange’s general assembly is due to meet in a month to form its eight-member board of trustees, the committee’s chairman Khalifa Al-Ajail told a press conference.

The stock transfer process, which kicked off earlier on Sunday, should be successfully completed in five days, in which the winning bidder will be approved, he revealed.

According to the bourse’s bid results, an alliance led by Kuwait Investment Company (KIC) has won 44 percent of shares, while Kuwait’s Public Institution for Social Security (KPISS) owns the remaining six percent.

“Our goal is to be on the same level as global stock markets, which can only occur through collective effort, said KIC’s chairman Hamad Al-Omairi, citing European stock markets as an example to follow.

Despite an abundance of local expertise, he said the Kuwaiti bourse would enlist the aid of global stock market operators as part of efforts to put new systems in place.

He went on to say that the 44 percent of shares will be evenly distributed among members of the KIC-lead alliance, an issue that will be addressed in a forthcoming meeting.

KPISS has also underlined its commitment to invest in the local stock market, which provides many “valuable opportunities,” its representative Mishal Al-Othman said.