CmaBoardReleases
Title: Resolution No. (07) of 2022 Regarding the Cancelation of the Listing of KGL Logistics Company's Shares from Boursa Kuwait Securities Exchange
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (02) of 2022 held on 19/01/2022.
The Following Was Resolved:
Article (1):
The listing of KGL Logistics Company's shares is hereby canceled from Boursa Kuwait Securities Exchange (Main Market), unless the Company takes the necessary measures to address the reasons for the suspension and resumes trading of the shares no later than 31/03/2022, which are as follows:
1. Address the observations contained in the Company’s external auditor’s report and the fact that KGL Logistics Company performed a valuation process for the investment real estate located in Mina Abdullah in a manner that reflects the fair value of the investment asset, which is considered the asset with the largest material value subject to the disclaimer of opinion, amounting to 23.5% of the total assets. It is necessary for the external auditor of the aforementioned Company to review the valuation method and express an opinion on it.
2. Provide the CMA with the contracts that were previously requested so that the CMA can verify the accuracy of the estimates contained in the valuation of the investment real estate located in Mina Abdullah.
Article (2):
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force as of 20/01/2022, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 20/01/2022