(MENAFN- Arab Times) Ministry of Commerce and Industry
Eight funds not distributed dividends
KUWAIT CITY, April 21: The
Ministry of Commerce and Industry (MoCI) has introduced an amendment to the fee
structure for license issuance and re-licensing of companies as per the
Situation Adjustment Committee's decision, reports Al-Rai daily quoting
sources.
Sources disclosed the amendment
stipulates that companies should pay special fees and save the record number
and commercial name of the entity. Sources said the new fees will be applied by
the ministry on company owners applying for re-licensing, in addition to the
fees paid by the companies that renew their licenses on the specified date.
Sources pointed out that
re-licensing of companies entails maintenance of old records; thereby,
retaining their financial and legal positions.
According to the new structure, the extra fees will include
re-licensing of individual corporations, partnerships, corporations and joint
stock companies (closed and general).
Amendment
Sources said the amendment is in
coordination with the State Audit Bureau that stressed the need to impose fine
on companies which did not renew their licenses for a year.
Meanwhile, eight local investment funds in which the Kuwait
Investment Authority has shares have not distributed dividends since the
beginning of its shares, reports Al-Jarida daily.
Sources familiar with the daily said the KIA tends to reduce
its ownership in some of the funds, especially after exceeding the permitted
shares rate, which is 75 percent, following the irregularities monitored by the
Audit Bureau and called for rectification during the last period.
The sources pointed out that the KIA has requested some funds
to improve and upgrade its performance, after it was found that its performance
was not commensurate with the performance of the index in terms of weights and
performance, especially as this performance is linked to the performance and
the improvement in the course of the Kuwait Stock Exchange.
Sources pointed out that some funds did not match their
performance with the gains made by the Kuwait Stock Exchange following the
recent improvements, especially after the promotion to the Emerging Markets
Club, following the promotion by FTSE Russell, and the upcoming upgrade of
Morgan Stanley and Standard & Poor's, which is the largest investor in the
Kuwait Stock Exchange.
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