CmaBoardReleases
Title: Press Release: Cancelation of the Listing of Al-Madina for Finance and Investment Company’s Shares from Boursa Kuwait Securities Exchange
Kuwait, March 27, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to public investors, and in confirmation of its compliance with the provisions of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, the CMA Board of Commissioners Resolution passed in its meeting No. (10) of 2022 held on 23/03/2022 was issued with the following:
“The listing of Al-Madina for Finance and Investment Company 's shares is hereby canceled from Boursa Kuwait Securities Exchange (Main Market) as of 24/03/2022, according to item 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, its Executive Bylaws, and their amendments, which stipulates 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:
8. If the Authority deems that canceling the listing is necessary for protecting investors or regulating the market.”
This is due to the doubt in the ability of Al-Madina Finance and Investment Company to continue practicing its business, in addition to the critical observations that were monitored on the mentioned company, as well as the repeated violations committed by the Company and the large number of observations that were monitored that lead to the futility of continuing the Company’s listing in Boursa Kuwait Securities Exchange.”
In conclusion, the CMA confirms that it will continue its supervisory role in protecting public investors, which will also create a fair, competitive and transparent financial market, as well as reduce the systemic risks that are expected to occur in securities activities, in addition to working to ensure compliance with laws and regulations related to such activities.
Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw