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Markaz: Flat performance for most MENA markets
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Markaz Sponsors the 5th Professional Conference for Accounting & Auditing
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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.