CmaBoardReleases
Title: Press Release: Cancelation of the Listing of National Shooting Company’s Shares from Boursa Kuwait Securities Exchange
Kuwait, March 31, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to public investors, and with regards to the securities and the actions or behaviors to which they may be exposed, that violate Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, and in confirmation of its compliance with the provisions of the aforementioned Law and its Executive Bylaws.
And further to the press release issued by the CMA and published on 06/02/2022 regarding Canceling the listing of the National Shooting Company’s shares from Boursa Kuwait Securities Exchange from 31/03/2022, , according to item No. (3) of Article (2-4-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments, unless the Company takes the necessary measures to address the reasons of suspension and resume trading on the share no later than 30/3/2022.
Accordingly, a CMA Board of Commissioners Resolution was passed in its meeting No. (11) of 2022 held on 30/03/2022 stipulating the following:
“The listing of National Shooting Company’s share is hereby cancelled from Boursa Kuwait Securities Exchange as of Thursday 31/3/2022 pursuant to Item (8) of Article (2-4-1) of Module Twelve (Listing Rules) 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, stipulating the following:
“The Authority may cancel the listing of the Shares of a shareholding company listed in the Exchange in any of the following cases:
8. If the Authority deems that canceling the listing is necessary for protecting investors or regulating the market.”
The Company did not take the necessary measures to address the reasons for the suspension stipulated in Resolution No. (12) of 2022 issued by CMA Board of Commissioners on 06/02/2022, in addition to other observations regarding the Company’s financial position of material affect that leads to the futility of continuing the Company’s listing in Boursa Kuwait Securities Exchange.”
In conclusion, the CMA confirms that it will continue its supervisory role in protecting public investors, which will also create a fair, competitive and transparent financial market, as well as reduce the systemic risks that are expected to occur in securities activities, in addition to working to ensure compliance with laws and regulations related to such activities.
Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw