Title: Resolution No. (173) of 2022 Regarding Suspending the Trading of Kuwait Remal Real Estate Company's Shares at 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. (42) of 2022 held on 16/11/2022.

The Following Was Resolved: 

Article (1)

The shares of Kuwait Remal Real Company are hereby suspended from trading at Boursa Kuwait Securities Exchange as of 17/11/2022, according to Items No. (3) and (5) of Article (1-20) 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 stipulate 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 financial statements ending on 31/12/2021 and the following periodical financial statements, in a manner that ensures that the balances of the financial statements are recorded in a fair and sound manner, provided that the Company provides the CMA with financial statements that reflect the financial impact resulting from addressing those observations by the end of 31/03/2023.

Article (2)

The continuity of listing the shares of Kuwait Remal Real Estate Company at Boursa Kuwait Securities Exchange shall be considered in the event that the Company does not meet the supervisory requirements of the CMA stipulated in Article (1) of this Resolution.

Article (3)

Kuwait Remal Real Estate Company shall submit to the CMA a weekly report on the updates and procedures it is taking to address the situation of suspending the Company's shares from trading at Boursa Kuwait Securities Exchange, as of the date of this Resolution.

Article (4)

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: 16/11/2022.

Copy of the Official Document