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Title: Resolution No. (64) of 2022 Regarding the Cancelation of the Listing of Al-Bareeq Holding Company's Shares from Boursa Kuwait Securities Exchange
Date Publish
21 April 2022
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
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (39) of 2021 held on 03/11/2021; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (12) of 2022 held on 04/04/2022; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (16) of 2022 held on 20/04/2022; and
The Following Was Resolved:
Article (1)
The listing of Al-Bareeq Holding Company's shares is hereby canceled from Boursa Kuwait Securities Exchange as of 21/04/2022, 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 due to the Company’s failure to take the necessary procedures to record its assets of material value in amounts that reflect its nominal value, and that a big part of such assets did not meet the regulatory requirements necessary to be recognized as the Company’s assets which resulted in misleading and harming the dealers in the market. In addition, serious remarks were monitored on Al-Bareeq Holding Company, its Board of Directors and other related parties for the Company’s failure to comply with the provisions of the aforementioned Law and its Executive Bylaws, in particular the instructions of disclosure and transparency, corporate governance, and listing rules, as well as providing misleading information to the CMA and the dealers of the market.
Article (2)
The Company shall comply with CMA’s Circular No. (04) of 2022 issued on 21/4/2022.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force as of 21/04/2022, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 21/04/2022.
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