CmaBoardReleases
Title: Press Release: Regarding the Enforcement of the Authority’s Resolutions Related to Canceling the Listing of KGL Logistics Company’s Shares from Boursa Kuwait Securities Exchange
Kuwait, March 31, 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, and based on Resolution No. (07) of 2022 Regarding the Cancelation of the Listing of KGL Logistics Company's Shares from Boursa Kuwait Securities Exchange, issued on 20/01/2022.
The CMA confirms the enforcement of the Resolution above related to canceling the listing of KGL Logistics Company’s Shares from Boursa Kuwait Securities Exchange as of 03/04/2022.
This is due to the failure of the mentioned Company to fully meet the requirements stipulated in the above-mentioned resolution.
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