CMA LAW: Circular No. (12) of 2020 Regarding the Letter of the Ministry of Commerce and Industry Received by the Capital Markets Authority Concerning First Traders Real Estate Company

"Circular to all Licensed Persons"

Dear Mr. Chairman of the Board

Greetings,

With regard to CMA’s objectives that stipulate “Enhance investor protection”, as well as the jurisdictions of the Board of Commissioners that stipulate “Provide appropriate systems to protect traders and work towards minimizing improper and unfair practices in the Securities Activities.”

We would like to draw your attention to the letter received from the Ministry of Commerce and Industry concerning cancellation of the transaction related to the transfer of ownership for First Traders Real Estate Company under the contract issued on 17/09/2020 No. 1430 (Contracts and Companies) transaction number 4626751. The Ministry of Justice was notified to take the necessary action to cancel the aforementioned amendment contract, and restore the former situation before the said amendment.

Accordingly, all licensed persons, in particular all persons dealing with First Traders Real Estate Company, shall abide by the Ministry of Commerce and Industry’s statement referred to above.

Prof. Ahmad A. Al-Melhem
Issued on: 03/12/2020

Copy of the Official Document

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