Title: Announcement of a “Primary Default Event”
Date Publish 31 December 2020
The Capital Markets Authority announces the issuance of CMA Board of Commissioners Resolution passed in its meeting held on 30/12/2020 regarding Al-Mal Investment Company’s being in a “Primary Default Event” pursuant to Article (8-2-1) of Chapter Eight of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments. Therefore, the mentioned company was directed to do the following:
- Resolving the disorder of the administrative status that caused the Primary Default Event in no later than 04/10/2021.
- Presenting a work plan to resolve the disorder of the financial status in accordance with Article (8-2-4) of Chapter Eight of Module Seven (Clients’ Funds and Clients’ Assets). Al-Mal Investment Company shall present this plan within ten business days from the date of the quorum of its Board of Directors.
Moreover, the CMA has suspended the trading on the company’s share in the Exchange as of 31/12/2020 until further notice and emphasized the need of its total compliance with the provisions of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
Copy of the Official Document
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