CMA LAW: Resolution No. (147) of 2023 Regarding the Cancellation of Listing of Salbookh Trading Company Shares from 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 

- Based on CMA Board of Commissioners Resolution passed in its meeting No. (31) of 2023 held on 25/10/2023 Regarding the Cancellation of the Listing of Salbookh Trading Company Shares from Boursa Kuwait Securities Exchange.

The Following Was Resolved: 

Article (1)

The listing of Salbookh Trading Company’s Shares is hereby cancelled from Boursa Kuwait Securities Exchange, according to Items No. (3) and 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, unless the Company addresses the reasons for the suspension and any other requirements that may arise, which are as follows: 

1. Submitting the financial statements for the period  that ended on 31/03/2023, and 30/06/2023 and any subsequent financial statements as per their submission deadlines, while enabling the auditor to express an opinion on them, and the accumulated losses should not exceed 50% of the Company’s capital.

2. Paying the annual subscription fee for 2023 to Boursa Kuwait Securities Exchange Company.

This shall be fulfilled no later than 31/03/2024, and the mentioned Company shall provide the CMA with a comprehensive and detailed weekly report on the measures and amendments it is undertaking to address the reasons for the suspension.

Article (2)

The concerned bodies shall execute this Resolution, each within its jurisdiction, effective from 26/10/2023, and it shall be published in the Official Gazette. 

Prof. Ahmad A. Al-Melhem 
Issued on: 26/10/2023.

Copy of the Official Document

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