Title: Resolution No. (154) of 2023 Regarding the Suspension of Trading of Jiyad Holding Company's Shares Listed in Boursa Kuwait Securities Exchange
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and amendments thereto; and
- CMA Board of Commissioners Resolution passed in its meeting No. (32) of 2023 held on 01/11/2023.
The Following Was Resolved:
The shares of Jiyad Holding Company (K.S.C.) (public) listed in Boursa Kuwait Securities Exchange are hereby suspended from trading according to Items No. (3) and (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 amendments thereto, which stipulate 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:
3. Achieve investor protection in the markets.
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 will continue until the Company takes the necessary measures to address the reservations contained in the Company’s external auditor’s report on the financial statements for the period ending on 30/06/2023 and subsequent periodic financial statements, in particular the reservations of the item of investments in associate companies, as well as determining the fair value of the investments included in the item of “Investments in fair value through other comprehensive income” pursuant to the requirements of the International Financial Reporting Standards. Such reservations shall be addressed in a form that ensures fair and accurate recording of these reservations and other financial statements balances. The Company is required to provide the CMA with financial statements that reflect the financial impact resulting from addressing these issues, by no later than 31/03/2024.
The continuation of listing the shares of Jiyad Holding Company at Boursa Kuwait Securities Exchange shall be considered in the event that the Company fails to meet the CMA’s regulatory requirements stipulated in Article (1) of this Resolution.
Jiyad Holding Company shall provide the CMA with a weekly report on the updates and measures taken to address the suspension of trading its shares listed in Boursa Kuwait Securities Exchange, as of the issuance date of this Resolution.
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 Almelhem
Issued on: 05/11/2023.