Material Information

Material Information

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Material Information

 

Clarification on published news 

29 March 2020

Kuwait Financial Centre K.P.S.C. ‘Markaz’ has confirmed the news report published in the daily newspapers today Sunday 29th March 2020 regarding the sale of a real estate property in the United States. Markaz would like to clarify that the returns from this sale were not significant and therefore did not have a material impact on the financial results of the Company as of December 2019.

Disclosure Letter    


Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares
8th March 2020
 
We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 5th March 2020.

Disclosure Letter
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Board of Directors Meeting

13 February 2020
The Board of Directors meeting will be held on Sunday, 16th of February 2020 at 1:15PM, to discuss the financials for the year ended 31-12-2019.

Disclosure Letter 
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02 February 2020

We would like to inform you that the group borrowings level will be reduced by 11% by utilizing the sale proceeds of a real estate project in Poland.  
Accordingly, please find attached the disclosure of material information form with the required details. 

Disclosure Letter 

22 December 2019

We are pleased to announce that the international rating agency, Capital Intelligence, has affirmed the bond rating of Kuwait Financial Centre’s bond at “BBB.” Kindly find below a disclosure table, detailing the bond rating along with the Credit Rating Announcement published by Capital Intelligence.

Disclosure Letter 
19 December 2019
 
We are pleased to inform you that The Board of Directors Meeting No. 6 of 2019 was held on Wednesday 18 December 2019 at 1:00 pm. All items on the agenda were approved. The following are the most significant ones:

• Call for an Extraordinary General Assembly - to amend the Company’s Memorandum and Articles of Association, by adding the activity of Market Maker.
• Approving the election of Mr. Faisal Abdulaziz Al-Jalal as Vice-Chairman of the Board of Directors. 

Supplementary Disclosure Form 


17 December 2019
 
We are pleased to inform you that the Board of Directors meeting will be held on Wednesday 18 December 2019 at 1:00 pm. Accordingly, please find attached the disclosure of material information form with the required details.

Disclosure Letter 

25 November 2019

Demise of Markaz Vice Chairman
We are informing you of the demise of Sheikh Humoud Sabah Salem Al Humoud Al Sabah. The Board of Directors will call for a meeting to elect a Vice Chairman. Accordingly, please find attached the disclosure of material information form with the required details.

Disclosure Letter

28 October 2019

The Board of Directors meeting No. 5 of 2019 was held on Sunday, 27st of October 2019 at 1:45pm, and all items on the agenda were approved.

The following is the most significant one:

- Interim financial statements for the period ended 30-09-2019

24 October 2019
The Board of Directors meeting will be held on Sunday, 27th of October 2019 at 1:45PM, to discuss the financials for the period ended 30-09-2019.

Disclosure Letter


Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

29th August 2019 

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 28th August 2019.

Disclosure Letter
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31 July 2019

The Board of Directors meeting No. 4 of 2019 was held on Wednesday, 31st of July 2019 at 1:30pm, and all items on the agenda were approved.

The following is the most significant one:

- Interim financial statements for the period ended 30-06-2019

Disclosure Letter
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28 July 2019

The Board of Directors meeting will be held on Wednesday, 31st of July 2019 at 1:30PM, to discuss the financials for the period ended 30-06-2019

Disclosure Letter
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15 July 2019
 
Kuwait Financial Centre KPSC (“Markaz”) issues a clarification on the unusual trading activity on the Company shares.
 
Markaz clarification
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9th May 2019

The Board of Directors meeting No. 3 of 2019 was held on Wednesday, 8th of May 2019 at 2:30pm, and all items on the agenda were approved.

The following are the most significant ones: 
-    Interim financial statements for the period ended 31-03-2019 and the implementation of IFRS 16 regarding the recognition of rent payments in the balance sheet under “Right of Use of Assets” in the Assets; and the corresponding obligations in the Liabilities under “Payables”.

-    The impact of implementing IFRS 16 was an increase in Assets for KD 807,000 under item “Right of Use Assets”; and an increase in Liabilities for KD 819,000 under item ‘Payables”. There was no material impact on the Profit and Loss Statement for the period ending 31/3/2019.

Disclosure Letter

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7th May 2019

The Board of Directors meeting will be held on Wednesday, 8th of May 2019 at 2:30PM, to discuss the financials for the period ended 31-03-2019.

Disclosure Letter  
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Results of Annual General Assembly of Kuwait Financial Centre "Markaz"
2 April 2019

The Annual General Assembly of Kuwait Financial Centre "Markaz" was convened on Tuesday 2nd April 2019 at 10:00am at the Public Authority for Industry, South Surra, Ground Floor, Auditorium (3).
 
All items on the agenda were approved. The following are the most significant ones:
  1. The financial statements for the year ended 31/12/2018 were approved.
  2. The Assembly unanimously approved raising the dividend rate from 4% (4 Fils per share) to 5% (5 Fils per share) for the year ended 31/12/2018, based on a suggestion by a proxy holder on behalf of shareholders who own 5.02%.
  3. Mr. Anwar Yousef Al-Qatami of Grant Thornton - Al Qatami, Al Aiban & Co. and Mr. Bader Abdullah Al Wazzan of Deloitte & Touch -  Al Wazzan & Partners were re-appointed as the auditors for the financial year ending 31/12/2019. They are among the approved list of auditors at the Capital Markets Authority.   
Disclosure letter
                                                                                
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Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

28th February 2019 

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 27th February 2019.

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18th February 2019
 
The Board of Directors meeting No. 2 of 2019 was held on Sunday, 17th of February 2019 at 1:15 PM, all items on the agenda were approved.

The following are the most significant ones:
     • Audited financial statements for the year ended 31-12-2018
   •The Board of Directors recommended a cash dividend of 4% (4 Fils) for the year ended 31-12-2018
Disclosure letter

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14th February 2019

The Board of Directors meeting will be held on Sunday, 17th of February 2019 at 1:15 PM, to discuss the financials for the year ended 31-12-2018
Disclosure letter

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Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook
06 December,2018

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Board of Directors Meeting
8th November 2018
 
The Board of Directors meeting No. 6 of 2018 was held on Wednesday, 7th of November 2018 at 1PM, all items on the agenda were approved.
The following are the most significant ones:
-    Interim financial statements for the period ended 30/9/2018
Disclosure letter

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Board of Directors Meeting

6th November 2018

The Board of Directors meeting will be held on Wednesday, 7th of November 2018 at 1PM, to discuss the financials for the period ended 30-09-2018

Disclosure letter

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Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

15 August, 2018

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 13th August 2018.

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Board of Directors Meeting

01 August, 2018

he Board of Directors meeting No. 5 of 2018 was held on Tuesday 31st of July 2018 at 1PM, all items on the agenda were approved.
The following are the most significant ones:
-    Interim financial statements for the period ended 30/6/2018

Disclosure letter
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Board of Directors Meeting

31 July 2018

The Board of Directors meeting will be held on Tuesday, 31st of July 2018 at 1PM, to discuss the financials for the period ended 30-06-2018. 

Pre-BOD meeting Disclosure
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Results of Annual General Assembly of Kuwait Financial Centre "Markaz" 

14 March 2018

The Annual General Assembly of Kuwait Financial Centre "Markaz" was convened on Wednesday 14th March 2018 at 11:00am at the Public Authority for Industry, South Surra, Ground Floor, Auditorium (3). 

All items on the agenda were approved. The following are the most significant ones:
1. The financial statements for the year ended 31/12/2017 were approved.
2. The Board of Directors' recommendation for the distribution of dividends of 7% (7 fils per share) to the shareholders was approved.
3. Mr. Anwar Yousef Al Qatami was reappointed from Grant Thornton - Al Qatami, Al Aiban & Partners Office and Mr. Bader Abdullah Al Wazzan from Deloitte & Touche & Al Wazzan & Co. for the fiscal year ended 31/12/2018. They are among the approved list of auditors at the Capital Markets Authority.
 
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Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

 21 February 2018

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 19th February 2018.

 


MHI Holding Ltd. No Longer a Subsidiary of Markaz

08 January 2018

Further to our previous disclosure on 2nd January 2018 regarding MHI Holding Ltd. having purchased 53,171,248 shares, representing 29.5% of the issued and paid up share capital of Heavy Engineering Industries & Ship Building Company KSC (HEISCO) through the auction at Boursa Kuwait; and as we had previously stated that new investors will be admitted into the company, we are pleased to announce that new investors have been in fact admitted into the company since 2/1/2018, and the procedures with the registrar of MHI Holding Ltd. in the Cayman Islands have been completed. Accordingly, the capital structure of MHI Holding Ltd. has changed, and it is no longer a subsidiary of Kuwait Financial Centre K.P.S.C since 2nd January 2018.


Purchase of 29.5% of HEISCO shares through the Auction    

2 January 2018

Further to our previous disclosure dated 14 December 2017 regarding the signing of a share purchase agreement for listed shares, we are pleased to announce that our subsidiary “MHI Holding Ltd.” through its investment portfolio with Kuwait Financial Centre K.P.S.C has purchased 53,171,248 shares, representing 29.5% of the issued and paid up share capital of Heavy Engineering Industries & Ship Building Company KSC (HEISCO) at the auction today at Boursa Kuwait. The selling party in this deal was Al Khair National for Stocks and Real Estate Company WLL. The shares were sold at a price of 320 fils per share (three hundred twenty Kuwaiti fils only) with a total value of KD 17,014,799.
New investors are currently being admitted into MHI Holding Ltd. which would result in a change in its capital structure along with the ownership structure of Markaz in it. The appropriate disclosures would be made in due course.


Signing of Share Purchase Agreement for Listed Shares

14 December 2017

Kuwait Financial Centre K.P.S.C (Markaz) is pleased to announce that a company that is currently a subsidiary of Markaz, “MHI Holding Ltd.,” has entered into a Share Purchase Agreement (SPA) on 14th December 2017 with Al Khair National for Stocks and Real Estate Company WLL to purchase 53,171,248 shares, representing 29.5% of the authorized and paid up capital of Heavy Engineering Industries & Ship Building Company KSC. This deal will be executed in accordance with Article 3-9-1 of Boursa Kuwait Decision 5 of 2017 on Issuance of Trading Rules, and with rules and regulations of Boursa Kuwait and CMA. The opening price of the auction as per the SPA is 0.320 KWD (three hundred twenty Kuwaiti fils). After the execution of the deal, new investors would be admitted into MHI Holding Ltd., and accordingly, the capital structure of the company would be changed along with the ownership structure of Markaz in it. The appropriate disclosures would be made in due course.

 


Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

5 December 2017

Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

21 August 2017
 
We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 20th August 2017.
 

Capital Markets Authority issues custody license to Markaz

21 May 2017
 
We are pleased to announce that the Capital Markets Authority has issued a license to the Kuwait Financial Center Company to carry out the activities of a Custodian on 16/5/2017 for a renewable period of three years.

 Annual General Assembly and Extraordinary General Assembly Results Announcement
 
23 - Apr - 2017

Kuwait Financial Centre “Markaz” is pleased to announce to its shareholders that the General Assembly meeting, held on April 19th, 2017, has agreed on a cash dividend of 6% (6 Fils per share) for the fiscal year ending on December 31st, 2016 for shareholders on record as of the date of the meeting.

The cheques will be distributed starting from Wednesday, April 26th, 2017 at Kuwait Clearing Company K.S.C., Sharq, Ahmed Al-Jaber Street, Telephone: 22464585

All items on the agendas of the Annual General Assembly's and the Extraordinary General Assembly have been approved.

The Board of Directors was elected for a three year term (2017-2019), which are as follows:
 
• Mr. Diraar Yusuf Alghanim
• Sheikh Humoud Sabah Al-Sabah
• Mr. Faisal AbdulAziz Al-Jallal
• Mr. Ayman Abdulatif Alshaya
• Mr. Fahad Yaqoub Al-Jouan
• Al-Seef Financial Brokerage Company K.S.C.C represented by Mr. Fouzi   
  Ebrahim Al-Mukaimi
• Mr. Adel Mohammed AlGhannam
 

Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

19 February 2017
 
We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 16th February 2017.
 

Commenting on published news (NBK, KAMCO, and Markaz to Manage «Sovereign» .. Officially)

28 December 2016

Kuwait Financial Centre K.P.S.C. had received a request for proposal (RFP) from the Public Debt Management Unit to express its desire to participate in the management of the issuance of Kuwait's sovereign dollar bond. The RFP will include information about Markaz, the issuance process, and other related information. The deadline to submit the RFP is 5th January 2017. No proposed fees were mentioned towards the participation of Markaz in the management of such issuance. Furthermore, this type of service is part of the normal course of business of the Company. Hence, such service is not expected to result in a large financial impact on the Company's results.



Markaz successfully closes a 5-year KD 25 million bonds issue

27 December 2016

Kuwait Financial Centre K. P.S.C. is pleased to announce the completion of the subscription process and the bond issuance with a face value of KD 50,000 for a total amount of KWD 25 million through public offering in Kuwait on 26/12/2016. The bonds were issued in two tranches with a maturity of five years from the date of issuance:

  • Fixed rate bonds amounting to KD 13.550 million Kuwaiti Dinars at 5.00% per annum payable on a quarterly basis.
  • Variable rate bonds amounting to KD 11.450 million at 2.25% over the discount rate by the Central Bank of Kuwait provided that the total interest rate does not exceed 5.5% per annum payable on a quarterly basis.

The proceeds of the bonds will be used for the Company's general purposes which include the settlement of outstanding liabilities.

 

Markaz Bond Repayment

18 December 2016

Kuwait Financial Centre K.P.S.C “Markaz” is pleased to announce, as the issuer, the repayment of the 22 million Kuwaiti Dinars plus the coupons owed to bondholders on December 19, 2016 as follows:

  • Fixed rate bonds amounting to KD 12.2 million Kuwaiti Dinars at 5.00% payable on a semi-annual basis.
  • Variable rate bonds amounting to KD 9.8 million at 2.50% over the Central Bank of Kuwait Discount Rate payable on semi-annual basis.

The effect of the bond repayment on the financial position of the Company:

  • The Company’s current assets will decrease by KD 8 million;
  • The Company’s current liabilities will decrease by KD 8 million; a net decrease of 21% of the Company’s total liabilities as of 30 September 2016 consisting of:
    • A decrease in Bond Issued by KD 22 million.
    • An increase in Bank Borrowing by KD 14 million.
  • Shareholders’ equity - No effect
 

Capital Intelligence Assigns Rating of “BBB” to Kuwait Financial Centre’s Bond with a “Stable” Outlook

04 December 2016
 

 

Capital Markets Authority Approves Issuance of Bonds not Exceeding KWD 25 Million

31st October 2016

We are pleased to announce that the Company has obtained the approval of the Capital Markets Authority to issue bonds with a face value of KD 50,000 for a total amount not exceeding KWD 25 million through public offering in Kuwait. The bonds will be of two tranches with a maturity of five years from the date of issuance.


 

Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

16 October 2016

 


Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

22 Aug 2016

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 18th August 2016.

 


Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

16 October 2016

 


Capital Markets Authority Approves Markaz’s Right to Buy or Sell up to 10% of its Treasury Shares

22 Aug 2016

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 18th August 2016.

 


Markaz Shareholders Approve the Decrease in the Company’s Capital

10 May 2016

The Capital Markets Authority of Kuwait has approved the decrease of the Company’s capital subject to the approval of shareholders. Subsequently, Markaz shareholders have approved the decrease of the Company’s capital at the Extraordinary General Assembly meeting held on May 9th, 2016.

 



Capital Markets Authority Approves Kuwait Financial Centre K.P.S.C. Decrease of Capital Subject to the Approval of Shareholders in the Extraordinary General Assembly

25 April 2016




Capital Markets Authority Approves Markaz's Right to Buy or Sell upto 10% of its Treasury Shares

28 February 2016

We are pleased to announce that the Capital Markets Authority of Kuwait has approved the renewal of the Company’s right to buy or sell up to 10% of its treasury shares. The approval is valid for six months, starting from 23rd February 2016.


 

2015

Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

29 December 2015


2014


Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

31 December 2014


 

Announcement of Purchase of Land Plots

05 November 2014


Kuwait Financial Centre K.P.S.C is pleased to announce that one of its subsidiaries has entered into a purchase agreement for the acquisition of land plots in Riyadh, KSA for an approximate amount of KWD 3.16 million. The acquisition value of the land plots represents 2.19% of Markaz’s total assets as of 30th Sept 2014.

 



Clarification on Published news

21 September 2014



Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook

24 March 2014



Announcement of Purchase of Land plots
20 March 2014
 

Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook
19 March 2014
 

2013

 

Kuwait Financial Centre’s Bond Rating Affirmed with a ‘Stable’ Outlook
25 March 2013

 


 

Announcement of Sale of Real Estate Property

10 February 2013


Kuwait Financial Centre K.P.S.C is pleased to announce that it has concluded the sale of a real estate property owned by the Company for the amount of KWD 5,850,000-/. Accordingly, Kuwait Financial Centre K.P.S.C has generated a return of KWD 942,461/-
 


2012

Announcement of Preliminary Contract

24 December 2012


Kuwait Financial Centre K.P.S.C is pleased to announce that it has signed a preliminary contract for the sale of a real estate property owned by the Company for the amount of KWD 5,850,000-/. In the event of the completion of this sale, which is expected during the first quarter of 2013, Kuwait Financial Centre K.P.S.C will generate a return of KWD 950,000/-.
 


 

Announcement on new portfolio

13 November 2012

Kuwait Financial Centre K.P.S.C. (Markaz) is pleased to announce that it has signed a portfolio management agreement for an amount not exceeding KD 250 million to invest in real estate over a period of 10 years. The total size of the portfolio represents 28.6% of the Assets under Management as of 30th September 2012. With respect to the impact on fee income, it is difficult to assess it currently, as the fees would be charged on the actual invested amount, and its impact would be reflected on a quarterly basis over the coming years.
 


 

Notice of Settlement and Delisting

8th July 2012

This Notice is given by Kuwait Financial Centre K.P.S.C. (“Markaz”) to the holders of its USD 100,000,000 floating rate notes due 5th July 2012 (ISIN XS0308124337) (the "Notes")


The full aggregate principal amount of the Notes and all outstanding amounts in relation thereto have now been redeemed by the Company and the Notes will accordingly be fully cancelled. This announcement serves as a notification to the holders of the Notes that this settlement process has taken place on 5th July 2012 and is now complete and final.
 


 

Markaz Bond Settlement

5th July 2012

Kuwait Financial Centre K.P.S.C. is pleased to announce the payment of USD 100,375,000/- being the redemption proceeds of its USD 100,000,000/- floating rate note (ISIN: XS0308124337) due on 5th July 2012.


Breakdown of the payment is as mentioned below:
- USD 100,000,000/- Principal amount of the bond
- USD 375,000/- Coupon amount for the period commencing 10th April 2012 till 5th July 2012 (excluding 5th July 2012). The coupon distribution is based on 3 month Libor 0.46915 fixed on 5th April 2012.