Title: Press Release: Cancelation of the Listing of Ajwan Gulf Real Estate Company 's Shares from Boursa Kuwait Securities Exchange

Kuwait, August 18, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to 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, CMA Board of Commissioners Resolution passed in its meeting No. (30) of 2022 held on 17/08/2022 was issued stipulating the following:

“The listing of Ajwan Gulf Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange (Main Market) as of 17/08/2022, 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 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 after it was confirmed by the CMA that there is doubt in the ability of Ajwan Gulf Real Estate Company to continue practicing  its business, in addition to the material observations that were monitored on the mentioned Company, as well as the many lawsuits filed against 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.”

The CMA notes on what is stipulated in Article 2-4-3 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:

“Kuwaiti  shareholding  companies  whose Shares were  delisted  pursuant  to  a 

resolution  shall  be  registered  in  the  (Unlisted  Securities  System)  through  the

continuous  trading  within  five Business  Days from  the  effective  date  of  the cancellation resolution.”

The Company shall also comply with CMA’s Circular No. (4) of 2022 issued on 21/4/2022.

In conclusion, the CMA confirms that it will continue its supervisory role in protecting 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, as well as working to ensure compliance with laws and regulations related to securities 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