Title: Press Release: Suspending the Trading of Kuwait Remal Real Estate Company 's Shares at Boursa Kuwait Securities Exchange

Kuwait, November16, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and protecting securities against any actions or activities 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 in implementation of  the provisions of the Law and its Executive Bylaws mentioned above, CMA Board of Commissioners Resolution passed in its meeting No. (42) of 2022 held on 16/11/2022 was issued stipulating the following:

First: The shares of Kuwait Remal Real Estate Company  are hereby suspended from trading at Boursa Kuwait Securities Exchange as of 17/11/2022, according to Items No. (3) and (5) of Article (1-20) 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:

….

3.   Achieve investor protection in the markets.

….

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 financial statements ending on 31/12/2021 and the following periodical financial statements, in a manner that ensures that the balances of the financial statements are recorded in a fair and sound manner, provided that the Company provides the CMA with financial statements that reflect the financial impact resulting from addressing those observations by the end of 31/03/2023.

Second: The continuity of listing the shares of Kuwait Remal Real Estate Company at Boursa Kuwait Securities Exchange shall be considered in the event that the Company does not meet the supervisory requirements of the CMA stipulated in item “First” above.

Third: Kuwait Remal Real Estate Company shall submit to the CMA a weekly report on the updates and procedures it is taking to address the situation of suspending the Company's shares from trading at Boursa Kuwait Securities Exchange, as of the date of the Resolution.

In conclusion, the CMA confirms that it will continue its regulatory 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.

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