CmaBoardReleases
Title: Resolution No. (134) of 2021 Regarding Suspending the Shares of Jiyad Holding Company from Trading at the Securities Exchange
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
- CMA Board of Commissioners Resolution passed in its meeting No. (43) of 2021 held on 01/12/2021.
The Following Was Resolved:
Article (1):
The shares of Jiyad Holding Company are hereby suspended from trading in Kuwait Securities Exchange, until the aforementioned company addresses the observations contained in the external auditor’s report, mainly not implementing the disciplinary board’s decision issued on 01/04/2021, and providing the Authority with financial statements that reflect the financial impact resulting from this resolution, or the lawsuits and potential claims regarding the subscription to the capital increase of the "Parent Company", which began on 10/1/2017 and ended on 21/10/2017, provided that the Authority shall be provided with those financial statements no later than 31/03/2022.
Article (2):
The listing of Jiyad Holding Company shall be canceled from Kuwait Securities Exchange in case it does not fulfill the requirements stipulated in the first Article of this resolution no later than 31/03/2022, based on Items (7) and (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, which stipulate that
“The Authority may cancel the listing of the Shares of a shareholding company listed
in the Exchange in any of the following cases:
1. If the company refrained from appointing a Compliance Officer after being
notified by the Authority to do so.
2. If the company is dissolved in accordance with the provisions of the
Companies Law.
3. If the trading of the share was suspended for a period of six months without the
company meeting the necessary requirements to resume trading.
4. If the company merged with another company or companies whereby such
merger leads to the termination of its corporate legal identity.
5. If the listed shareholding company stopped practicing its activities permanently,
or if stopped practicing its activities temporarily for more than a year.
6. In case of a Reverse Acquisition which is stipulated in Article (3-10) of Chapter
Three of (Mergers and Acquisitions) Module of these Bylaws.
7. If the company breaches one of the listing requirements set forth in these
Bylaws or the Exchange’s rules.
8. If the Authority deems that canceling the listing is necessary for protecting
investors or regulating the market.
Article (3):
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force as of 02/12/2021, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 02/12/2021