Title: Press Release: Suspension of the Trading of Bayan Investment Holding Company's Shares from Boursa Kuwait Securities Exchange

Kuwait, September 4, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and any actions or activities that a security can be exposed to that violate 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, and emphasizing its obligation to implement the provisions of the Law and its Executive Bylaws mentioned above, CMA Board of Commissioners Resolution passed in its meeting No. (32) of 2022 held on 31/08/2022 was issued stipulating the following:

First: The trading of Bayan Investment Holding Company 's shares is hereby suspended from Boursa Kuwait Securities Exchange, according to Items No. (3) and (5) of Article (1-19) 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 stipulates the following:

“The Authority may temporarily suspend trading in the Exchange, and suspend the trading of any Security listed in the Exchange in any of the following cases:

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3.   Achieve investor protection in the markets.

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5. If the Auditor has given a material, qualified opinion on the periodical or annual financial statements, or  in  the  event  that  the  contract  with  the  Auditor  was terminated as a result of a disagreement between the Listed Company and the Auditor.”

This is until the Company takes the necessary measures towards addressing the observations contained in the Company’s external auditor’s report on the periodical financial statements ending on 31/03/2022 in a manner that ensures that the financial statements are recorded in a fair and sound manner, and that the Authority is provided with financial statements that reflect the financial impact resulting from addressing those observations, noting that the Authority is provided with those financial statements on time, as the maximum period required to submit the annual financial statements for the financial  year ending on 31/12/2022.

Second: Review of the continuity of listing the shares of Land United Real Estate Company in Boursa Kuwait Securities Exchange in the event that the Company does not comply with the supervisory requirements of the Authority stipulated in the first article of this Resolution.

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 securities activities.

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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