{"id":74761,"date":"2020-09-14T13:58:29","date_gmt":"2020-09-14T08:28:29","guid":{"rendered":"http:\/\/www.q8india.com\/?p=74761"},"modified":"2020-09-14T13:58:29","modified_gmt":"2020-09-14T08:28:29","slug":"boursa-kuwait-makes-historic-move-premier-market-listing","status":"publish","type":"post","link":"https:\/\/www.q8india.com\/2020\/09\/14\/boursa-kuwait-makes-historic-move-premier-market-listing\/","title":{"rendered":"Boursa Kuwait makes historic move with Premier Market listing."},"content":{"rendered":"
\n

Leading the region in innovative investing<\/strong><\/p>\n

\n
\n
\n
\"\"
Hamad Mishari Al-Humaidhi<\/figcaption><\/figure>\n
<\/figure>\n
\"\"
Bader Nasser Al-Kharafi<\/figcaption><\/figure>\n<\/figure>\n<\/div>\n<\/div>\n

 <\/p>\n

Underscoring its pivotal role in the growth and development of Kuwait\u2019s capital markets, Boursa Kuwait announced that it will list its shares on the \u201cPremier Market\u201d following the Capital Markets\u2019 Authority\u2019s approval on Wednesday, September 2, 2020. Trading of the company\u2019s shares will commence during the opening trading session today (14 September 2020) under the ticker symbol \u201cBOURSA\u201d. The company will be classified under the \u201cFinancial Services\u201d sector, bringing the total number of companies on the exchange to 174, while the number of listed companies in the \u201cPremier\u201d Market rises to 20 companies.<\/p>\n

Boursa Kuwait\u2019s position as a regional leader among stock exchanges continues to be reinforced with the listing of the bourse on the local stock exchange, continuing a series of firsts for the company. It is the first stock exchange to be at least 90 percent owned by the private sector in the Middle East and the first government entity in Kuwait to successfully undergo privatization. The listing is considered the fruit of the company\u2019s labors and continuous efforts to institute long-term reforms on both the company level and in the Kuwaiti capital market since its establishment, as well as introducing products and services compatible with the best-in-class international standards, all in line with the company\u2019s vision to develop a liquid and transparent financial market, which allows issuers effective access to capital and provides investors with diversified revenue opportunities.<\/p>\n

The company\u2019s paid-up capital amounts to approximately KD 20.1 million, which are divided into approximately 201 million shares. Furthermore, around 50 percent of the company\u2019s shares, or what amounts to around 100 million shares, were offered to Kuwaiti citizens in an initial public offering process that concluded in December 2019, seeing an oversubscription rate of 850 percent.<\/p>\n

\n
\"\"
Mohammed Saud Al-Osaimi<\/figcaption><\/figure>\n
\u00a0\"\"
Hamad Al-Ameeri<\/figcaption><\/figure>\n<\/figure>\n

 <\/p>\n

Solid strategy
<\/strong>Boursa Kuwait saw a net profit of KD 5.63 million for first half of 2020 while the company\u2019s total assets came in at approximately KD 41.7 million. Total operating expenses were KD 3.12 million while total operating revenue came in at KD 6.77 million.
The results no doubt reflect the strength of the operational model and the solid strategy in place as well as the company\u2019s financial solvency, which have allowed it to overcome the various challenges brought about by the COVID-19 pandemic and deliver an exceptional performance. These key components are effective catalysts of stability and growth, allowing the company to drive the successful journey of transformation further and take the exchange to new heights.<\/p>\n

Commenting on the listing, Boursa Kuwait Chairman Hamad Mishari Al-Humaidhi said, \u201cBoursa Kuwait\u2019s listing today marks a historic milestone for the company as it enters the next phase in its growth and development. We are proud of our journey, which has cemented us as the crown jewel of the Kuwaiti capital market and is indeed the model of a Kuwaiti success story, which in turn will contribute to the elevation of the country regionally and internationally. I would like to take this opportunity to commend Boursa Kuwait\u2019s Board of Directors and Executive Management, with their solid structure consistent with the nature and activities of the company, and their efforts to develop a liquid, reliable and sound capital market that services all relevant asset classes, focusing on the interests of both issuers and investors through excellence in everything it does.\u201d<\/p>\n

Achievements
<\/strong>Bader Nasser Al-Kharafi, in his capacity as both a representative of the consortium awarded the 44 percent stake
\n in the company and as Chairman of the Executive Committee at Boursa Kuwait, also commented, stating \u201cWe are proud of the consecutive string of achievements for Boursa Kuwait, which is undoubtedly a role model for companies that want to undergo privatization and list on the exchange. The listing of Boursa Kuwait represents a breakthrough in the transformation of the Kuwaiti capital market into a dynamic and diversified investment ecosystem that thrives on international best practices and looks to increase the contribution of the private sector towards the growth and development of the national economy.\u201d<\/p>\n

\u201cWe were guided by our belief in the private sector and its ability to develop a reliable and sound capital market with ever increasing liquidity levels, which constituted an incentive to develop Boursa Kuwait into a pioneering regional company that adheres to the best-in-class international standards and practices. Today we celebrate the success of the company and its leading role in the Kuwaiti financial scene over the past few years, moving forward to introduce innovative products and services aimed at encouraging even more companies \u2013 specifically substantial ones like family companies, companies in the oil sector as well as foreign companies \u2013 to list on the exchange,\u201d Al-Kharafi added.
The listing was also hailed by Boursa Kuwait CEO Mohammed Saud Al-Osaimi, who highlighted the company\u2019s operational excellence. \u201cThe listing of Boursa Kuwait on the \u201cPremier Market\u201d marks another milestone in the company\u2019s journey of excellence. Apart from the major enhancements that the company drove as the engine of growth and development, the company also witnessed substantial growth in its own operations and continues to work towards strengthening the infrastructure and operational model. Boursa Kuwait has cemented its position as a leading stock exchange that pioneers innovative approaches to market development.\u201d<\/p>\n

He added, \u201cWe remain committed towards strengthening our infrastructure and operational model to withstand any challenges that come our way as well as implementing new initiatives to further improve the efficiency, appeal and performance of the market to attract investments from local and international investors.\u201d
Boursa Kuwait previously appointed the National Investments Company as its listing consultant. Chairman Hamad Ahmad Al-Ameeri commented on the listing, saying: \u201cWe regard the listing of Boursa Kuwait as a momentous accomplishment that will lead to the prosperity of the Kuwaiti economy. We are excited by the investment opportunities that this promises to bring about for individual and institutional investors in the country. The National Investments Company is proud of the effective role it played as the listing consultant for this one of a kind listing, and the company is constantly striving to prioritize its investors\u2019 interests in all its endeavors. Lastly, NIC would like to congratulate Boursa Kuwait and all its stakeholders and partners on this success.\u201d<\/p>\n

Since its inception, Boursa Kuwait has worked effortlessly to create a credible exchange built on efficiency and transparency, creating a liquid capital market, a progressive exchange platform and developing a comprehensive set of reforms and enhancements that has allowed it to compete on an international level.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Leading the region in innovative investing Hamad Mishari Al-Humaidhi Bader Nasser Al-Kharafi   Underscoring its pivotal role in the growth and development of Kuwait\u2019s capital markets, Boursa Kuwait announced that it will list its shares on the \u201cPremier Market\u201d following the Capital Markets\u2019 Authority\u2019s approval on Wednesday, September 2, 2020. Trading of the company\u2019s shares […]<\/p>\n","protected":false},"author":1,"featured_media":74762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/posts\/74761"}],"collection":[{"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/comments?post=74761"}],"version-history":[{"count":0,"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/posts\/74761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.q8india.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/media?parent=74761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/categories?post=74761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.q8india.com\/wp-json\/wp\/v2\/tags?post=74761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}