Title: Press Press Release: Delisting of Gulf Petroleum Investment Company ‘s Shares from Boursa Kuwait Securities Exchange

Kuwait, December 03, 2023 – In line with the continuous efforts of the Capital Markets Authority (CMA) to provide protection to investors and reaffirm its commitment to implementing the provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, the CMA Board of Commissioners passed its Resolution in its meeting No. (36) of 2023 held on 29/11/2023, as follows:

“The listing of Gulf Petroleum Investment Company’s Shares is hereby cancelled from Boursa Kuwait Securities Exchange, according to Items No. (3) and 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, unless the Company addresses the reasons for the suspension and any other requirements that may arise, by no later than 31/03/2024, through the following: 

1. Taking the necessary measures to process the financial statements of Gulf Petroleum Investment Company for the financial year ending on 31/12/2022 and the subsequent periodical financial statements, in a manner that ensures their accurate and proper registration, along with the registration of other financial balances. The Company is required to provide the CMA with financial statements that reflect the financial impact resulting from addressing these issues.

2. The Company shall fulfill the minimum requirements necessary to evaluate essential assets and determine the fair value of those assets in accordance with the requirements of international accounting standards approved by the CMA, specifically regarding petroleum drilling rigs and oil structures included in the item of “Property, Facilities and Equipment” and the item of “Inventory”, as well as the investments included in the item of “Investments in a joint project”.

3. The Company shall measure and records the allocations associated with returns and outstanding commissions due to a creditor resulting from default in paying the balances due to that party, in accordance with international accounting standards adopted by the CMA.

The mentioned Company shall provide the CMA with a comprehensive and detailed weekly report on the developments and measures taken by the Company to address the reasons for the suspension, starting from the issuance 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 and working to ensure compliance with laws and regulations related to securities activities.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw