CmaBoardReleases
Title: Resolution No. (06) of 2022 Regarding the Suspension of Al Salam Group Holding Company's Shares from Trading at Boursa Kuwait Securities Exchange
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (02) of 2022 held on 19/01/2022.
The Following Was Resolved:
Article (1):
Al Salam Group Holding Company's shares are hereby suspended from trading in Boursa Kuwait Securities Exchange, until the aforementioned Company addresses the qualified opinion and observations contained in the external auditor’s report, mainly not providing the CMA with financial statements for the period that ended on 30/09/2021, provided that the CMA shall be provided with financial statements that reflect the financial impact resulting from addressing such qualified opinion no later than 30/03/2022.
Article (2):
The listing of Al Salam Group Holding Company shall be canceled from Boursa Kuwait Securities Exchange as of 31/03/2022 in the event that it does not meet the stipulations of Article (1) of this Resolution, 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 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.”
Article (3):
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force as of 20/01/2022, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 20/01/2022