Land Real Estate Company has completed insertion requirements on termination of procedures for an increase in its shareholders to the specific percentage that qualify for the insertion process in the main market, after initial approval from the Capital Market Authority in Kuwait.
According to Arab Net, informed sources said that Land United Real Estate Company has introduced a private secondary for a maximum of 10 million shares at 105 percent per share, including a comprehensive premium, noting that the minimum subscription is 100,000 shares, expected to reach the total subscription revenues 1.050 Million dinars, and the date of subscription began from 13 June 2021 to 24, according to the newspaper Al-Journal, Kuwait.
The sources added that the subjugation was made by the company's subscription director Noor Financial Investment Company and will be made by the current shareholders to new shareholders, noting that the Kuwait Stock Exchange will be reached with the termination of the procedures and special by listing. Advertising in the official newspaper, twice in a local newspaper, preparing data, and disclosing all the data on the stock exchange, as well as other procedures after the completion of the subscription process.
He explained that according to the specific conditions of the listing, the number of shareholders should not be less than 450 contributors, provided that each of whom had no less than 5,000 dinars, or the number of shareholders should not be less than 225 contributors, provided that each of them had no less than 10 shares Thousands of dinars, depending on the fair value of the specific share, according to item 1 of this article.
The text of Article (2-1) of the Executive Regulations of the Law of Market-12, states that when the shares of Kuwaiti contributing companies shall be included in the stock exchange, the terms of insertion provided on the bases of the stock exchange must be available, as well as the need to take the company And that its shares are negotiable, and there should be no restrictions that would block all stocks on trading, or transfer of equity between dealers.
