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Title: Resolution No. (63) of 2023 Regarding Suspending the Trading of Gulf Petroleum Investment Company's Shares Listed in Boursa Kuwait Securities Exchange
Date Publish
27 April 2023
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. (13) of 2023 held on 26/04/2023.
The Following Was Resolved:
Article (1)
The shares of Gulf Petroleum Investment Company listed in Boursa Kuwait Securities Exchange are hereby suspended from trading according to Item No. (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 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:
….
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 submits its audited financial statements ending on 31/12/2022 to CMA, and the CMA verifies the observations receives from the Company’s external auditor assigned by the general assembly on 28/04/2022, and any other recent observations
Article (2)
The continuity of listing the shares of Gulf Petroleum Investment 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)
Gulf Petroleum Investment Company shall 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 listed in Boursa Kuwait Securities Exchange from trading, as of the issuance date of CMA’s resolution in this regard.
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: 27/04/2023.
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