Title: Press Release: Cancellation of Listing of Salbookh Trading Company 's Shares from Boursa Kuwait Securities Exchange
Kuwait, October 29, 2023 –As part of the continuous efforts by the Capital Markets Authority (CMA) to safeguard investors and ensure compliance with the provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, the CMA Board of Commissioners Resolution passed in its meeting No. (31) of 2023 held on 25/10/2023 its Resolution stipulating the following:
“The listing of Salbookh Trading Company’s Shares is hereby cancelled from Boursa Kuwait Securities Exchange, according to Items No. (3) and 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, unless the Company addresses the reasons for the suspension and any other requirements that may arise, which are as follows:
1. Submitting the financial statements that ended on 31/03/2023, and 30/06/2023 or any subsequent financial statements as per their submission deadlines, while enabling the auditor to express an opinion on them, and the accumulated losses should not exceed 50% of the Company’s capital.
2. Paying the annual subscription fee for 2023 to Boursa Kuwait Securities Exchange Company.
This shall be fulfilled no later than 31/03/2024, and the mentioned Company shall provide the CMA with a comprehensive and detailed weekly report on the measures and amendments it is undertaking to address the reasons for the suspension”.
The CMA reiterates its commitment to overseeing and protecting investors, fostering a fair and transparent financial market, and mitigating systemic risks in securities activities. It will continue to ensure compliance with laws and regulations governing securities activities.
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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