CmaBoardReleases
Title: Resolution No. (133) of 2022 Regarding the Suspension of the Trading of Land United 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 trading of Land United Real Estate Company 's shares is hereby suspended from Boursa Kuwait Securities Exchange, according to Items No. (3) and (5) of Article (1-18) 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 temporarily suspend trading in the Exchange, and suspend the trading of any Security listed in the Exchange in any of the following cases:
….
3. Achieve investor protection in the markets.
….
5. If the Auditor has given a material, qualified opinion on the periodical or annual
financial statements, or in the event that the contract with the Auditor was
terminated as a result of a disagreement between the Listed Company and the
Auditor.”
This is until the Company takes the necessary measures towards addressing its financial position in a way that reflects its fulfillment of the requirements of the supervisory authority necessary to identify the real estate assets assigned to the Company, and give it a time limit of 5 months (4 and a half months for the Company to meet the requirements of the supervisory authority, and two working weeks as a evaluation period for the CMA).
Article (2)
Review of the continuity of listing the shares of Land United Real Estate Company in Boursa Kuwait Securities Exchange in the event that the Company does not comply with the requirements of the supervisory authority stipulated in the first article of this resolution, within a time period of 5 months (4 and a half months for the Company to meet the requirements of the supervisory authority, and two working weeks as a study period by the CMA), as of the issuance date of this resolution.
Article (3)
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: 21/08/2022.