CmaBoardReleases
Title: Press Release: Cancelation of the Listing of Al- Mudon International Real Estate Company's Shares from Boursa Kuwait Securities Exchange
Kuwait, May 26, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and in confirmation of its compliance with the provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, CMA Board of Commissioners Resolution passed in its meeting No. (20) of 2022 held on 25/05/2022 was issued stipulating the following:
“The listing of Al-Mudon International Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange as of 26/05/2022, 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 due to the Company’s failure to address the suspension reasons and the requirements of CMA’s Resolution No. B.C.A 4-34 of 2021 by valuating the investment of London Resort Company Holdings in a method, mechanism and data that shall enable the Company to include it in its financial statements in a value that reflects its fair value, in addition to the following reasons:
1. Failure to pay the remaining amount of the annual subscription fee of 2019 to Boursa Kuwait Securities Company.
2. Failure to pay the annual subscription fee of 2022 to Boursa Kuwait Securities Company.
3. Failure to submit any financial statements that were due since the period that ended on 30/09/2021 to date.
The Company shall also comply with CMA’s Circular No. (4) of 2022 issued on 21/4/2022.
In conclusion, the CMA confirms that it will continue its supervisory role in protecting 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, as well as 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