KUWAIT: Al-Ruwayeh & Partners (ASAR), and Al-Hossam Legal Al-Turqi & Partners have acted as legal counsel as part of the advisory team to the Capital Markets Authority (CMA) in relation to the landmark privatization of Boursa Kuwait which culminated with the sale by the CMA of 44 percent of its shares held in the capital of Boursa Kuwait through a developed bidding process. This resulted in the winning bid being placed by the international consortium comprised of the Athens Stock Exchange, National Investments Company, Al-Oula Investment and Arzan Financial Group.

This historic privatization transaction is a landmark and precedent setting transaction in Kuwait given the nature and consequence of the deal and involvement of major international operators including some of the world's leading stock market operators and local financial institutions.

On this occasion, Robert Little, Counsel at ASAR noted that: "We are delighted to have been able to successfully complete the tender process of this landmark transaction. Given the various issues that needed to be attended to during the development of the tender process, we are also particularly proud of the manner in which various Kuwaiti laws (including the Kuwait Capital Markets Law), rules and regulations accommodated the tender process as they were being stress tested under the weight of this transaction. This privatization transaction is an example of our consistent diligence and commitment in providing quality legal services of the highest caliber. Our clients always come first, their success is our success, and we intend to keep it that way."

Hossam Abdullah, Legal Counsel & Managing Partner at Al-Hossam Legal, said that: "The privatization process required strenuous efforts by various specialized teams, including the legal team which worked for almost one year on the transaction and spent in excess of than 1000 hours on the same. The culmination of which resulted in a legally sound, transparent and successful competitive bidding process. All assumptions and scenarios were dealt with leaving no stone unturned. We are proud to have been be part of this national endeavor and to have contributed to Kuwait's vision 2035 and beyond."

Ibrahim Sattout, Partner at ASAR noted that: "We are very proud to have worked with the CMA on this high profile and complex transaction. We believe that transactions of this nature are fundamental to growing Kuwait's economy particularly given the involvement of local financial institutions. We appreciate the confidence and trust that the CMA has put in our firm and we look forward to continuing to assist our clients in reaching their business and strategic objectives. At ASAR, we have extensive experience with regard to similar transactions and the privatization of Boursa Kuwait further bolsters our market leading position in this context."