Kuwait's stock exchange takes step towards delayed IPO - Markets - ArabianBusiness.com

Kuwait's stock exchange takes step towards delayed IPO - Markets - ArabianBusiness.com:



"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 KD60 million ($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 statement."



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