CMA LAW: Circular No. (03) of 2023 to all Listed Companies Regarding the Impact of Official Holidays on the Specified Time Periods of Resolution No. (139) of 2022 Regarding Developing the Mechanism of Participating in the General Assemblies of Companies Listed in Boursa Kuwait Securities Exchange

As part of the role of the Capital Markets Authority (CMA) in raising awareness of the provisions of Law No. 7 of 2010 and its Executive Bylaws and their amendments, in order to coordinate and follow-up with the relevant entities and the companies listed in Boursa Kuwait Securities Exchange, and to ensure the sound implementation of Resolution No. (139) of 2022 regarding Developing the Mechanism of Participating in the General Assemblies of the Companies Listed in Boursa Kuwait Securities Exchange issued on 1/9/2022.

The CMA would like to draw the attention of all listed companies in Boursa Kuwait Securities Exchange to the need to review in advance the official holidays of the State of Kuwait, which are announced through Boursa Kuwait Securities Exchange website at the beginning of each year on the following link:

https://www.boursakuwait.com.kw/ar/securities/trading/market-holidays

This is when determining the date of convening the general assembly and the consequent time periods, in implementation of the provisions stipulated in Resolution No. (139) of 2022.

In the event that there are new or unexpected official holidays that have not been announced in advance, and that interfere with the schedule of the general assembly, with a period of no less than 15 business days between the date of the general assembly’s meeting and the disclosure of the related dates, then the specified cases shall be referred to and the required procedure shall be followed by the company according to the attached table.

The CMA would like to draw the attention of all listed companies to the importance of complying with the provisions of the disclosure of the call to hold a general assembly meeting in accordance with the form set out in Appendix 14 of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 and their amendments.

The CMA advices all the companies that intend to hold their general assemblies during the upcoming period to communicate and coordinate with the relevant team at the CMA through the following email address: mrd@cma.gov.kw.

Prof. Ahmad Almelhem
Issued on: 06/02/2023

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