CmaBoardReleases
Title: Press Release: Cancelation of the Listing of Ream Real Estate Company’s Shares from Boursa Kuwait Securities Exchange
Kuwait, April 10, 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, CMA Board of Commissioners Resolution passed in its meeting No. (13) of 2022 held on 06/04/2022 stipulating the following:
“The listing of Ream Real Estate Company's shares is hereby canceled from Boursa Kuwait Securities Exchange (Main Market) as of 05/07/2022, according to item No. (3) 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, unless the Company takes the necessary measures to address the reasons for the suspension and resumes trading of the shares no later than 04/07/2022, which are as follows:
1. Submit the financial statements that ended on 31/03/2021, 30/06/2021, 30/09/2021, and 31/12/2021 and any other financial statements that are due to be submitted.
2. Pay the annual subscription fee for 2022 to Boursa Kuwait Securities Exchange Company.
3. Allow the auditor to express an opinion on the Company's financial statements.”
Furthermore, the CMA emphasizes the necessity to comply with Article (2-4-2) 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, stipulating the following:
“The Board of Directors of a company shall call the general assembly to discuss
the resolution of delisting the company’s Shares from the Exchange, including
addressing the company’s current condition and the future plans to resolve these
conditions. Calling for the company’s general assembly shall be made within a
period of three months from the date of the resolution to delist the company’s
Shares. The Members of a Board of Directors shall be subject to disciplinary actions
in case of refraining from convening the general assembly during the stated period.
The company shall also provide the CMA and the Exchange with a copy of the
certified minutes of the general assembly meeting, within a period of not more than
two weeks from the date of commencing the general assembly.”
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
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