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Title: Resolution No. (171) of 2023 Regarding the Cancellation of Listing of Gulf Petroleum Investment Company Shares from Boursa Kuwait Securities Exchange
Date Publish
03 December 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
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (36) of 2023 held on 29/11/2023 Regarding the Cancellation of the Listing of Gulf Petroleum Investment Company Shares from Boursa Kuwait Securities Exchange.
The Following Was Resolved:
Article (1)
The listing of Gulf Petroleum Investment 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, by no later than 31/03/2024, through the following:
1. Taking the necessary measures to process the financial statements of Gulf Petroleum Investment Company for the financial year ending on 31/12/2022 and the subsequent periodical financial statements, in a manner that ensures their accurate and proper registration, along with the registration of other financial balances. The Company is also required to provide the CMA with financial statements that reflect the financial impact resulting from addressing these issues.
2. The Company shall fulfill the minimum requirements necessary to evaluate essential assets and determine the fair value of those assets in accordance with the requirements of international accounting standards approved by the CMA, specifically regarding petroleum drilling rigs and oil structures included in the item of “Property, Facilities and Equipment” and the item of “Inventory”, as well as investments included in the item of “Investments in joint ventures”.
3. The Company shall measure and record the allocations associated with returns and outstanding commissions due to a creditor resulting from default in paying the balances due to that party, in accordance with international accounting standards adopted by the CMA.
The mentioned Company shall provide the CMA with a comprehensive and detailed weekly report on the developments and measures taken by the Company to address the reasons for the suspension, starting the issuance date of this Resolution.
Article (2)
The concerned bodies shall execute this Resolution, each within its jurisdiction, effective from 03/12/2023, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 03/12/2023.
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