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CMA LAW: Resolution No. (148) of 2023 Regarding the Cancellation of Listing of Mena Real Estate Company Shares from Boursa Kuwait Securities Exchange
Date Publish
29 October 2023
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 Mena Real Estate Company Shares from Boursa Kuwait Securities Exchange.
The Following Was Resolved:
Article (1)
The listing of Mena Real Estate 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, within 4 and a half months from the date of the CMA’s Resolution, as follows:
1. Submitting the financial statements for the period that ended on 30/06/2023, and any financial statements whose disclosure date falls before or near the effective date of the cancellation resolution.
2. Providing the Company’s external auditor with the necessary data and official documents so that they can express an opinion on the financial statements for the financial year ending on 31/03/2023, and providing the CMA with financial statements that reflects the financial impact as a result of addressing the auditor’s opinion.
3. Paying the annual subscription fee for 2023 to Boursa Kuwait Securities Exchange Company.
The aforementioned Company shall provide the CMA with a comprehensive and detailed weekly report on the measures and amendments undertaken by the Company 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.
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