CmaBoardReleases
Title: Resolution No. (97) of 2022 Regarding Cancelation of the Listing of Al-Mudon International Real Estate 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 and its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (34) of 2021 held on 29/09/2021; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (20) of 2022 held on 25/05/2022; and
The Following Was Resolved:
Article (1)
The listing of Al- Mudon International Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange as of 26/05/2022 due to the Company’s failure to address the suspension reasons and the requirements of CMA’s Resolution No. B.C.A 4-34 of 2021 by valuating the investment of London Resort Company Holdings in a method, mechanism and data that shall enable the Company to include it in its financial statements in a value that reflects its fair value, in addition to the following reasons:
- Failure to pay the remaining amount of the annual subscription fee of 2019 to Boursa Kuwait Securities Company.
- Failure to pay the annual subscription fee of 2022 to Boursa Kuwait Securities Company.
- Failure to submit any financial statements that were due since the period that ended on 30/09/2021 to date.
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: 26/05/2022.