CmaBylaw
Executive Bylaws
2-5-1 Of Module Twelve: Listing Rules
Section: Chapter Two: Listing Shares of Shareholding Companies
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Sunday, 12 February 2017
Listing non-Kuwaiti companies’ shares in the Main Market in the State of Kuwait, shall meet the following conditions: 1. Submitting the Listing Application signed by a legally authorized person or entity on behalf of the company. 2. The company shall be incorporated in accordance with the provisions stipulated in the laws of its country of incorporation. 3. The legal form of the company shall be a shareholding company. 4. The company shall be a Listed Company on an Exchange that is subject to an authority or entity with supervisory competences for the past two years from the date of submitting the Listing Application. 5. The company shall issue three audited financial statements approved by the general assembly prior to submitting the Listing Application. 6. The capital of the Issuing company shall be fully paid and shall not to be less than 10,000,000 Kuwaiti Dinars. The total shareholders’ equity to the weighted average paid up capital in the last two financial years shall not be less than 110%, based on the annual financial statements audited by an Auditor who is registered and licensed in the company’s country of incorporation prior to the Listing Application date as approved by the general assembly of the company. 7. The company’s Shares shall be tradable and freely transferable with no restrictions concerning the transfer of the Shares ownership between the traders or the country of incorporation of other nationalities, and specifying such restrictions, if any, and specifying the percentage of the Shares that shall be listed in the Main Market. 8. The company shall have achieved net profits for the last two financial years at least, and the net profits of any of the two years shall not be less than 5% of the paid up capital. 9. The revenues realized by the company from one or more of its main activities shall not be less than 75% of its total revenue according to the annual audited financial statements for the last two financial years. 10. The company shall have practiced one or more of its main licensed activities in conformity with the Company Contract, during the last three financial years prior to the date of submitting the Listing Application. 11. The Articles of Association of the company shall stipulate that the general assembly of the company shall convene at least once a year. 12. The company shall appoint a legal representative in the State of Kuwait provided to be one of the Licensed Persons to perform the tasks of registering the Shares, distributing profits, and receiving and issuing reports and documents relevant to the business of the company. 13. Obtaining the approval of the company’s ordinary general assembly for listing its shares on the Exchange, provided that not more than twelve months have been passed since the approval. 14. Appointing a Compliance Officer responsible to follow the rules and instructions of the Regulatory Bodies and public investors. 15. Appointing a Listing Advisor. 16. Any other conditions or regulations stipulated by the Authority.
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