MARKET NEWS
Listing on Premier Market continues Boursa Kuwait’s series of milestones
B
oursa Kuwait announced that it will list its shares on the “Premier Market” following the Capital Markets’ Authority’s approval and trading of the company’s shares commenced during September 2020, under the ticker symbol “BOURSA”. The company will be classified under the “Financial Services” sector, bringing the total number of companies on the exchange to 174, while the number of listed companies in the “Premier” Market rises to 20 companies. Boursa Kuwait’s position as a regional leader among stock exchanges is reinforced with the listing of the bourse on the local stock exchange, continuing a series of firsts for the company. It is the first stock exchange to be at least 90% owned by the private sector in the Middle East and the first government entity in Kuwait to successfully undergo privatization. The listing is considered the fruit of the company’s labors and continuous efforts to institute long-term reforms on both the company level and in the Kuwaiti capital market since its establishment, as well as introducing products and services compatible with the best-in-class international standards, all in line with the company’s vision to develop a liquid and transparent financial market. Boursa Kuwait saw a net profit of KD 5.63 million for first half of 2020 while the company’s total assets came in at approximately KD 41.7 million. Total
8
operating expenses were KD 3.12 million while total operating revenue came in at KD 6.77 million. The results reflect the strength of the operational model and the strategy in place as well as the company’s financial solvency, which have allowed it to overcome the challenges of the Covid-19 pandemic and deliver an exceptional performance. Boursa Kuwait Chairman Mr. Hamad Mishari Al-Humaidhi said, “Boursa Kuwait’s listing today marks a historic milestone for the company as it enters the next phase in its growth and development. We are proud of our journey, which has cemented us as the crown jewel of the Kuwaiti capital market and is indeed the model of a Kuwaiti success story, which in turn will contribute to the elevation of the country regionally and internationally. I would like to take this opportunity to commend Boursa Kuwait’s Board of Directors and Executive Management, with their solid structure consistent with the nature and activities of the company, and their efforts to develop a liquid, reliable and sound capital market that services all relevant asset classes, focusing on the interests of both issuers and investors through excellence in everything it does.” The listing was also hailed by Boursa Kuwait CEO Mr. Mohammed Saud Al-Osaimi, who highlighted the company’s operational excellence. “The listing of Boursa Kuwait on the “Premier
Banking and Finance news in the MEA market
Mohammad Saud Al-Osaimi, Boursa Kuwait, Chief Executive Officer
Market” marks another milestone in the company’s journey of excellence. Apart from the major enhancements that the company drove as the engine of growth and development, the company also witnessed substantial growth in its own operations and continues to work towards strengthening the infrastructure and operational model. Boursa Kuwait has cemented its position as a leading stock exchange that pioneers innovative approaches to market development.” Since its inception, Boursa Kuwait has worked effortlessly to create a credible exchange built on efficiency and transparency, creating a liquid capital market, a progressive exchange platform and developing a comprehensive set of reforms and enhancements that has allowed it to compete on an international level.
