A new company was founded on a capital of KD 1 million (around $ 3.6 million) under the name “Al-Zahil Company” as a shareholding company with 10 million shares worth KD 0.1 ($ 0.36) per share.
The company is to own shares in Kuwaiti and foreign shareholding and limited liability companies as well as take part in founding such companies and manage, lend, and sponsor them before third parties, provided Zahil hold a stake of 20 percent at least of the capital of the borrowing company.
Zahil may own industrial property rights including patents, commercial or industrial brands, and any related rights, and may lend these for use by other companies within the Kuwaiti market and abroad.
The company may also own movable and real assets necessary for its functions, and may utilize its surplus in investments into portfolios managed by specialized investment bodies and companies.
Zahil is authorized to have a stake in and to strike a partnership of any kind with other bodies of the same functions or those that might help achieve its goals in Kuwait and elsewhere, and may found, partner in, acquire, or annex any such bodies in the future.
This was mentioned in the latest issue of Kuwait Al-Yawm official gazette