CMA LAW: Press Release: Delisting of Trading of Kuwait & Gulf Link Transport Company (KGL) Company from Boursa Kuwait Securities Exchange

Kuwait, April 16, 2026 – In line with the Capital Markets Authority’s (CMA) continuous efforts to provide protection to investors, and in affirmation to its commitment to enforcing 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. (223) of 2025 Regarding the Delisting of the Shares of Kuwait & Gulf Link Transport Company (KGL) Company from Boursa Kuwait Securities Exchange issued on 30/12/2025 stipulating the following:

“Article (1)
The shares of Kuwait & Gulf Link Transport Company (KGL) listed in Boursa Kuwait Securities Exchange are hereby suspended from trading as of 31/12/2025, pursuant to the provision of Item No. (4) of Article 1-20 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 amendments thereto, which stipulate 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:
……………………..
4. If the Issuer fails to submit any data or documents required by the Authority within its regulatory scope.”

This will continue until the Company submits the documents related to the settlement agreements and related contracts that impact the financial statements ending on 31/12/2024, of Kuwait & Gulf Link Transport Company (KGL). The documents required by the CMA are as follows:

1. Settlement agreements supporting the transfer of a portion of the investment in an associate company – KGL Logistics (K.S.C.C.), as provided in the Explanatory Memo No. (7) of the company's financial statements ending on 31/12/ 2024.

2. Lease contracts for the right-of-use holdings that support the change of balances according to this item, as provided in the Explanatory Memo No. (6) of the company's financial statements ending on 31/12/ 2024.

The aforementioned documents, and any other data requested by the CMA, shall be provided no later than 01/02/2026.

Article (2)
The continuation of listing the shares of Trading of Kuwait & Gulf Link Transport Company (KGL) in Boursa Kuwait Securities Exchange shall be reviewed in the event that the Company fails to meet the CMA’s regulatory requirements stipulated in Article (1) of this Resolution. 

Article (3)
Kuwait & Gulf Link Transport Company (KGL) shall provide the CMA with a weekly report on the updates and measures taken to address the suspension of trading its shares listed in Boursa Kuwait Securities Exchange, as of the issuance date of this Resolution. 

Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.”

CMA Board of Commissioners issued a Resolution in its meeting No. (15) of 2026 held on 30/12/2025, stipulating the following:

“The shares of Kuwait & Gulf Link Transport Company (KGL) are hereby delisted from Boursa Kuwait Securities Exchange pursuant to Item (7) and Item (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, the Company failed to meet the requirements stipulated in Resolution No. (223) of 2025 issued on 30/12/2025, specifically not providing the CMA with the required material documents in items (1) and (2) of Article (1) of the resolution, comprising of settlement agreements supporting the transfer of a portion of the investment in an associate company and lease contracts for the right-of-use holdings, which resulted in CMA’s failure to complete the audit works for the financial statements of Kuwait & Gulf Link Transport Company (KGL) for the year ending on 31/12/ 2024 and subsequent financial statements.”

The CMA emphasized repeatedly to the company the necessity of complying with the requirements of the aforementioned resolution during the period of reviewing the continuation of listing of the company based on Article 2 of the same resolution before implementing Article (2-4-1) (Delisting of Shares of Shareholding Companies from the Exchange) 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, however, the Company failed to comply with the requirements of the resolution and provide the CMA with the required weekly reports and documents stipulated in Article 1 and Article 3 in accordance with the specified period. Furthermore, the annual financial statements revealed the continuous existence of significant reservations by the auditor regarding the same items previously identified in prior financial periods, without any substantial improvement or corrective action.

Accordingly, the Company shall comply with the provisions of 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 Authority 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.”

Furthermore, The Company shall comply with the provisions of Article No. 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, stipulating the following:

“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.”

In conclusion, the CMA emphasizes on continuing its supervisory role in protecting investors, fostering a capital market rooted in fairness, competitiveness, and transparency, mitigating foreseeable systemic risks in securities activities, and ensuring compliance with the applicable laws and regulations related to securities activities.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.

Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.

For further information, please contact:
Public Relations & Media Office
Tel: 1888898
Email: pr-media@cma.gov.kw

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