CmaBoardReleases
Title: Resolution No. (136) of 2021 Regarding Suspending the Shares of Ekttitab 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. (44) of 2021 held on 08/12/2021.
The Following Was Resolved:
Article (1):
The shares of Ekttitab 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 resolution 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 01/10/2017 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 Ekttitab Holding Company shall be canceled from Kuwait Securities Exchange in the event that it does not comply with the stipulations of 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 the following:
“The Authority may cancel the listing of the Shares of a shareholding company listed
in the Exchange in any of the following cases:
1. ……..
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 09/12/2021, and it shall be published in the Official Gazette.
Prof. Ahmad A. Al-Melhem
Issued on: 08/12/2021