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

Kuwait, April 20, 2023 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to provide protection to investors, and the risks that the public investors may be exposed to as a result of trading in the shares of companies that violate 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 in compliance with the provisions of the mentioned Law and its Executive Bylaws, CMA Board of Commissioners Resolution passed in its meeting No. (12) of 2023 held on 19/04/2023 was issued stipulating the following:
“The listing of Remal Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange, according to Item No. (7) and 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 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:
…
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.”

This is due to the Company’s failure to address the requirements stipulated in “Article (1)” and “Article (3)” of Resolution No. (173) of 2022 issued on 16/11/2022 Regarding Suspending the Trading of Kuwait Remal Real Estate Company's Shares at Boursa Kuwait Securities Exchange within the specified period that ended on 31/03/2023. The Company failed to submit any financial statements that reflect the financial impact resulting from addressing the notes within the aforementioned Resolution to date, and did not provide the CMA with a weekly report on the updates and procedures it is taking to address the situation of suspending the Company's shares.”

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, and 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