CmaBoardReleases
Title: Resolution No. (140) of 2022 Regarding the Suspension of the Trading of Bayan Investment Holding 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. (32) of 2022 held on 31/08/2022.
The Following Was Resolved:
Article (1)
The trading of Bayan Investment Holding Company's shares is hereby suspended from Boursa Kuwait Securities Exchange, according to Items No. (3) and (5) of Article (1-19) 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 the observations contained in the Company’s external auditor’s report on the periodical financial statements ending on 31/03/2022 in a manner that ensures that the financial statements are recorded in a fair and sound manner, and that the Authority is provided with financial statements that reflect the financial impact resulting from addressing those observations, noting that the Authority is provided with those financial statements on time, as the maximum period required to submit the annual financial statements for the financial year ending on 31/12/2022.
Article (2)
Review of the continuity of listing the shares of Bayan Investment Holding Company in Boursa Kuwait Securities Exchange in the event that the Company does not comply with the supervisory requirements of the Authority stipulated in the first article 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: 01/09/2022.