KUWAIT: Executive Director of the Capital Markets Authority (CMA) Dr Nayef Al-Hajraf (center) speaks during the press conference. —Photo by Fouad Al-Shaikh

KUWAIT: Kuwait Bourse Company will begin managing the Kuwait Stock Exchange (KSE) as of April 25, Executive Director of the Capital Markets Authority (CMA) Dr Nayef Al-Hajraf announced yesterday. In a press conference, Al-Hajraf said that the CMA met with the KSE committee in the presence of Minister of Commerce and Industry Dr Yousef Al-Ali.

The meeting reviewed plans of the Kuwait Bourse Company's transition to take over the KSE, and outlined the company's agenda in line with announced dates where the KSE committee will conclude operations on April 24, 2016.

The CMA chief noted that the Kuwait Bourse Company's transition to the helm of the KSE will occur through four different phases, concluding in December 2016. Al-Hajraf said that the CMA's international consultants have asked for more details on the new company. The new company's ownership shares are divided where 50 percent would go to nationals while 6% is government-owned and 44% belongs to the global operator, Hajraf said.

"The transfer of power to the Kuwait Bourse Company was very time consuming but it is the CMA's obligation to ensure a safe transition of power," Hajraf said. Kuwait Bourse Company General Manager Khaled Al-Khaled affirmed the company's priority of promoting KSE development while seeking greater liquidity and smoother transactions. Khaled also highlighted company plans to bring a new boost to the KSE.

The company, in conjunction with international partners, has issued new standards to ensure a seamless takeover of KSE managerial duties, the Kuwait Bourse Company General Manager said. Al-Khaled asserted that Kuwait Bourse company is ready to manage the KSE on the announced date, saying the company is determined to handle due obligations. - KUNA