Title: Resolution No. (136) of 2023 Regarding Suspending the Trading of Equipment Holding Company's Shares Listed in Boursa Kuwait Securities Exchange

Having Perused: 
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments; and 

- CMA Board of Commissioners Resolution passed in its meeting No. (29) of 2023 held on 04/10/2023.

The Following Was Resolved: 
Article (1)
The shares of Equipment Holding Company (K.S.C.C.) listed in Boursa Kuwait Securities Exchange are hereby suspended from trading according to Items No. (3) and (5) 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 their amendments, 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:
….
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 to address the reservations contained in the Company’s external auditor’s report on the financial statements for the year that ended on 31/12/2022 and the subsequent periodical financial statements, in particular the reservations of the debit balances, machinery and equipment balances transferred to the inventory account, ensuring that the financial statements balances are recorded in a fair and sound manner. The Company is required to provide the CMA with financial statements that reflect the financial impact resulting from addressing those observations by no later than 31/03/2024.

Article (2)
The continuity of listing the shares of Equipment Holding Company at Boursa Kuwait Securities Exchange shall be considered in the event that the Company fails to meet the CMA’s regulatory requirements stipulated in Article (1) of this Resolution.

Article (3)
Equipment Holding Company shall provide the CMA with a weekly report on the updates and procedures 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. 

Othman Al-Issa
Acting Managing Director
Issued on: 05/10/2023.

Copy of the Official Document