Title: Press Release: Cancelation of the Listing of Land United Real Estate Company's Shares from Boursa Kuwait Securities Exchange

Kuwait, January 26, 2023 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and the risks that may be exposed to the public investors as a result of trading on the shares of the companies 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 mentioned Law and its Executive Bylaws, CMA Board of Commissioners Resolution passed in its meeting No. (2) of 2023 held on 25/01/2023 was issued stipulating the following:
“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.
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, and 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 securities 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