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Auction begins for 44 percent of Kuwaiti bourse capital stocks

KUWAIT, The Capital Markets Authority announced Monday start of an auction for 26-44 percent of Boursa Kuwait capital stocks.

The CMA said on its website that the auction specifically covers listed companies, along with an international operator, to be qualified on certain terms — to be classified as a junior or emerging market or at higher level by FTSE Russel, or categorized as an emerging market, or higher, by MSCI.

Overall market value of the banknotes, enlisted by the international operator, must be no less than USD 200 billion, number of companies enlisted by the international operator no less than 300 and annual proceeds for the year 2007 no lower than USD 200 million.

As to qualification conditions for the operators of a local company, the authority indicated that it should be a Kuwaiti company, enlisted in the bourse, formed and established in Kuwait. It must be enlisted in the main and premier markets. It can also be an investment or finance company with a permit by the authority, or registered by the Central Bank of Kuwait.

The bourse currently has 176 companies, with a total capital amounting to KD 28.7 billion (USD 95.4 billion).

Source: Kuwait News Agency