KUWAIT, April 21 Kuwait's stock exchange took a
step towards an initial public offer of its shares on Monday
after the Gulf state's financial regulator said it had
established the bourse as a company with a capital of 60 million
dinars ($213 million).
The country has been considering an IPO of its stock market
for years, but political infighting and entrenched bureaucracy
have held up the process.
Kuwait's Capital Markets Authority (CMA), which regulates
the stock market, said the stock exchange chairman had signed a
contract establishing the company at CMA headquarters on Monday.
Under the contract, Kuwait Stock Exchange will have 600
million shares priced at 0.1 dinars each, the CMA said in a
It did not say when an IPO might take place. The
privatisation would make Kuwait the second listed bourse in the
Gulf Arab region, after Dubai Financial Market.
Under a law passed in 2010, the CMA is supposed to offer 50
percent of the shares to Kuwaiti citizens and 50 percent to ten
companies listed on the stock exchange.
($1 = 0.2816 Kuwaiti Dinars)
(Reporting by Sylvia Westall; Editing by Andrew Torchia)