CmaBoardReleases
Title: Resolution No. (17) of 2023 Regarding the Cancelation of the Listing of Land United Real Estate 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. (30) of 2022 held on 17/08/2022; and
- CMA Board of Commissioners Resolution passed in its meeting No. (2) of 2023 held on 25/01/2023.
The Following Was Resolved:
Article (1)
The listing of Land United Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange, according to Item No. (7) and Item No. (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, which stipulate 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:
…
7. If the company breaches one of the listing requirements set forth in these Bylaws or the Exchange’s rules.
8. If the Authority deems that canceling the listing is necessary for protecting investors or regulating the market.”
This is due to the Company’s failure to address its financial position in a way that reflects its fulfillment of the requirements of the supervisory authority necessary to identify the real estate assets assigned to the Company stipulated in Article 1 of Resolution No. (133) of 2022 Regarding the Suspension of the Trading of Land United Real Estate Company's Shares from Boursa Kuwait Securities Exchange issued on 21/8/2022 within the specified period that ended on 5/1/2023.
Article (2)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 26/01/2023.