CmaBoardReleases
Title: Resolution No. (61) of 2023 Regarding the Cancelation of the Listing of Kuwait Remal 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
- Based on CMA’s Resolution No. (173) of 2022 Regarding Suspending the Trading of Kuwait Remal Real Estate Company's Shares at Boursa Kuwait Securities Exchange issued on 16/11/2022; and
- CMA Board of Commissioners Resolution passed in its meeting No. (12) of 2023 held on 19/04/2023.
The Following Was Resolved:
Article (1)
The listing of Remal Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange, according to Item No. (7) and 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 stipulate 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:
…
7. If the company breaches one of the listing requirements set forth in these Bylaws or the Exchange’s rules.
8. If the Authority deems that canceling the listing is necessary for protecting investors or regulating the market.”
This is due to the Company’s failure to address the requirements stipulated in “Article (1)” and “Article (3)” of Resolution No. (173) of 2022 issued on 16/11/2022 Regarding Suspending the Trading of Kuwait Remal Real Estate Company's Shares at Boursa Kuwait Securities Exchange within the specified period that ended on 31/03/2023. The Company failed to submit any financial statements that reflect the financial impact resulting from addressing the notes within the aforementioned Resolution to date, and did not provide the CMA with a weekly report on the updates and procedures it is taking to address the situation of suspending the Company's shares.
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: 20/04/2023.