By: Ahmad Awad
Kuwait-Mubasher: Applying governance rules has become a fact that will take effect on 30 June, said chairman of Capital Markets Authority’s (CMA) Commissioners Committee Nayef Al-Hajraf.
The CMA’s structure cannot be counted among emerging markets, unless the governance rules are executed, Al-Hajraf said on the sidelines of Corporate Governance Forum held in Kuwait.
A new firm will start operating Kuwait Stock Exchange on 25 April, the chairman said, noting that the subscription has not been scheduled yet. He added that the Kuwaiti government will own a stake between 6% and 24% in the new firm.
It is expected for the Kuwaiti bourse to become the second GCC stock market, after DFM, which offers its own shares for trading.
The CMA has advised the oil ministry to float part of its state-owned properties in service companies, aiming to improve the market’s rating as well as foreign investors’ sentiments.
There will be a preliminary test in November for the post-trade processing which is a main condition for rating KSE as an emerging market.
