Title: Press Release: Cancellation of Listing of Mena Real Estate Company 's Shares from Boursa Kuwait Securities Exchange
Kuwait, October 29, 2023 –The Capital Markets Authority (CMA) is committed to safeguarding investors and ensuring 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 Mena Real Estate 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 within 4 and a half months from the date of the CMA’s Resolution, as follows:
1. Submitting the financial statements for the period that ended on 30/06/2023, and any financial statements whose disclosure date falls before or near the effective date of the cancellation resolution.
2. Providing the Company’s external auditor with the necessary data and official documents so that they can express an opinion on the financial statements for the financial year ending on 31/03/2023, and providing the CMA with financial statements that reflects the financial impact as a result of addressing the auditor’s opinion.
3. Paying the annual subscription fee for 2023 to Boursa Kuwait Securities Exchange Company.
The aforementioned Company shall provide the CMA with a comprehensive and detailed weekly report on the measures and amendments undertaken by the Company 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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