CmaBoardReleases
Title: Press Release: Suspending the Shares of Jiyad Holding Company from Trading at the Securities Exchange
Kuwait, December 2, 2021- As part of the Capital Markets Authority’s (CMA) continuous endeavor to provide investor protection from any actions or behaviors that the security may be exposed to, and may violate Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments, and in confirmation of its compliance to the provisions of the aforementioned Law and its Executive Bylaws, CMA Board of Commissioners in passed a resolution in its meeting No. (43) of 2021 held on 01/12/2021, which states the following :
First: Suspending the shares of Jiyad Holding Company from trading in Kuwait Securities Exchange, until it addresses the remarks mentioned in the external auditor’s report, mainly not implementing the disciplinary board’s resolution issued on 01/04/2021, and providing the Authority with financial statements that reflect the financial impact resulting from this resolution, or lawsuits and potential claims regarding the subscription to the capital increase of the "Parent Company", which began on 1/10/2017 and ended on 21/10/2017, provided that the Authority shall be provided with those financial statements no later than 31/03/2022.
Article (2):
Second: Canceling the listing of Jiyad Holding Company from Kuwait Securities Exchange in case of failure to fulfill the requirements stipulated in the first Article of this resolution no later than 31/03/2022, based on Items (7) and (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 that “The Authority may cancel the listing of the Shares of a shareholding company listed
in the Exchange in any of the following cases:
1. If the company refrained from appointing a Compliance Officer after being
notified by the Authority to do so.
2. If the company is dissolved in accordance with the provisions of the
Companies Law.
3. If the trading of the share was suspended for a period of six months without the
company meeting the necessary requirements to resume trading.
4. If the company merged with another company or companies whereby such
merger leads to the termination of its corporate legal identity.
5. If the listed shareholding company stopped practicing its activities permanently,
or if stopped practicing its activities temporarily for more than a year.
6. In case of a Reverse Acquisition which is stipulated in Article (3-10) of Chapter
Three of (Mergers and Acquisitions) Module of these Bylaws.
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.
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, 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