CmaBoardReleases
Title: Resolution No. (132) of 2022 Regarding the Cancelation of the Listing of Ajwan Gulf 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, its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (30) of 2022 held on 17/08/2022.
The Following Was Resolved:
Article (1)
The listing of Ajwan Gulf Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange as of 17/08/2022, 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 and their amendments, which stipulates 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:
…
8. If the Authority deems that canceling the listing is necessary for protecting
investors or regulating the market.”
This is after it was confirmed by the CMA that there is doubt in the ability of Ajwan Gulf Real Estate Company to continue practicing its business, in addition to the material observations that were monitored on the mentioned Company, as well as the many lawsuits filed against 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: 18/08/2022.