Kuwait Amwal’s unit obtains portfolio manager licence from CMA

Amwal recorded a 68% year-on-year increase in profits

  
Image used for illustrative purpose. Kuwaiti stock brokers look at a computer monitor as it displays falling stock prices in the Kuwait stock exchange .

Image used for illustrative purpose. Kuwaiti stock brokers look at a computer monitor as it displays falling stock prices in the Kuwait stock exchange .

REUTERS/Caren Firouz

Kuwait - Amwal International Investment announced that its subsidiary Noor Capital Markets for Financial Brokerage Co. has obtained the investment portfolio manager licence from the Capital Markets Authority (CMA) of Kuwait.

The three-year licence has been granted to Noor Capital on 28 July 2019, according to Amwal’s statement to Boursa Kuwait on Monday.

Amwal clarified that it couldn’t currently determine the financial impact of obtaining the licence, noting that the impact will be registered in the financial statements of the coming period.

It is worth to mention that during the first quarter of 2019, Amwal recorded a 68% year-on-year increase in profits to nearly KWD 293,110 from about KWD 174,410 in the same period a year ago.

Source: Mubasher

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