CmaBoardReleases
Title: Resolution No. (43) of 2022 Regarding the Cancelation of the Listing of Al-Madina for Finance and Investment Company's Shares from 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. (10) of 2022 held on 23/03/2022.
The Following Was Resolved:
Article (1)
The listing of Al-Madina for Finance and Investment Company 's shares is hereby canceled from Boursa Kuwait Securities Exchange (Main Market) as of 24/03/2022, according to item 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, its Executive Bylaws, and their amendments, this is after it was confirmed by the CMA that there is doubt in the ability of Al-Madina Finance and Investment Company to continue practicing its business, in addition to the material observations that were monitored on the mentioned Company, as well as the repeated violations committed by the Company and the large number of observations that were monitored that lead to the futility of continuing the Company’s listing in Boursa Kuwait Securities Exchange.
Article (2)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on:24/03/2022