KUWAIT: Kuwait’s Capital Market Authority (CMA) has requested citizens to update their personal details ahead of the local stock market’s initial public offering (IPO), which allows nationals to own 50 percent of shares. The names of Kuwaiti citizens registered with the Public Authority For Civil Information will be released on September 8th, while the stock market’s shares will be offered on an equal basis to all nationals, the capital market regulator said in a statement yesterday.
The privatization of Kuwait’s stock exchange is an integral step towards national development, helping transform the country into a financial hub, added the statement. Kuwait has taken measures in recent years to privatize its stock exchange, which was officially established in 1983 and is one of the oldest markets in the Middle East. As per a law passed in 2010, the CMA is supposed to offer 50 percent of the shares to Kuwaiti citizens and another 50 percent to ten companies already listed on the stock exchange. – KUNA