CmaBoardReleases
Title: Press Release: Suspension of the Trading of Land United Real Estate Company's Shares from Boursa Kuwait Securities Exchange
Kuwait, August 21, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and any actions or activities that a security can be exposed to that violate 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, emphasizing its obligation to implement the provisions of the Law and its Executive Bylaws mentioned above, CMA Board of Commissioners Resolution passed in its meeting No. (30) of 2022 held on 17/08/2022 was issued stipulating the following:
First: The trading of Land United Real Estate Company 's shares is hereby suspended from Boursa Kuwait Securities Exchange, according to Items No. (3) and (5) of Article (1-18) 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 temporarily suspend trading in the Exchange, and suspend the trading of any Security listed in the Exchange in any of the following cases:
….
3. Achieve investor protection in the markets.
….
5. If the Auditor has given a material, qualified opinion on the periodical or annual
financial statements, or in the event that the contract with the Auditor was
terminated as a result of a disagreement between the Listed Company and the
Auditor.”
This is until the Company takes the necessary measures towards addressing its financial position in a way that reflects its fulfillment of the requirements of the supervisory authority necessary to identify the real estate assets assigned to the Company, and give it a time limit of 5 months (4 and a half months for the Company to meet the requirements of the supervisory authority, and two working weeks as a evaluation period for the CMA).
Second: Review of the continuity of listing the shares of Land United Real Estate Company in Boursa Kuwait Securities Exchange in the event that the Company does not comply with the requirements of the supervisory authority stipulated in the first article of this resolution, within a time period of 5 months (4 and a half months for the Company to meet the requirements of the supervisory authority, and two working weeks as a study period by the CMA), as of the issuance date of this resolution.
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