New company formed for privatization of KSE

KUWAIT: The Capital Market Authority (CMA) held a symposium on ‘Corporate Governance Sound Practices: A Case for Financial Markets Stability’ yesterday at the Sheraton Hotel. Speakers from different countries participated in this symposium. Saleh Al-Falah, President of the Board of Commissioners, Capital Markets Authority, said progress has been made in efforts to privatize the Kuwait Stock Exchange (KSE) and a new company has already been set up that will own the KSE. “The investors in charge of the privatization process of KSE have done some studies,” he noted during the opening of the symposium. “The Financial Consultant HSBC Bank is cooperating with both the KSE and the CMA to finalize the work plan for the new company and to set aside a certain capital amount to ensure its long term success at par with markets that demand higher qualification standards,” added Al-Falah.

The process of further improving KSE was still on. “We are doing some improvements to increase the performance of the KSE. We will also bring in the necessary technology in departments even as the CMA works to secure the rights of the investors and dealers at the KSE during the privatization,” he further said. On her part, Imelda Dunlop, Executive Director, Pearl Initiative-UAE, explained the role of corporate governance in the family firms. “It is very important to be getting the message across from the perspective of both the regulators and the company.

http://news.kuwaittimes.net/2013/02/02/new-company-formed-for-privatization-of-kse/