Mubasher: Kuwait Clearing Co and other four partners announced the establishment of a closed joint-stock company, as reported by Al Rai Newspaper on Sunday.

The new company will be for settlement and clearing purposes, with an authorised capital that is valued at KWD 20 million distributed on 200 million shares, Al Rai added.

Al Rai added that the new company’s capital includes a paid-up KWD 20 million that is repaid by the National Bank of Kuwait (NBK).

The founders of this new company have subscribed in the capital as KWD 19.8 million or 198 million shares for Kuwait Clearing Co, while the other four shareholders subscribed for KWD 50,000 each or nearly 500,000 shares.

Source: Mubasher

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