CmaBoardReleases
Title: Press Release: Enforcement of the CMA’s Resolution to Cancel the Listing of Yiaco Medical Company's Shares from Boursa Kuwait Securities Exchange
Kuwait, February 15, 2024 – 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 pursuant to Resolution No. (128) of 2023 Regarding the Cancellation of Listing of Yiaco Medical Company Shares from Boursa Kuwait Securities Exchange issued on 24/09/2023, and the CMA Board of Commissioners meeting held on 14/02/2024, stipulating the following:
First: The request of Yiaco Medical Company is hereby rejected to extend the period given to the Company to address the reasons for the suspension in accordance with their letter on 29/01/2024.
Second: The cancellation of Listing Yiaco Medical Company’s Shares from Boursa Kuwait Securities Exchange is hereby enforced, according to Resolution No. (128) of 2023 issued on 24/09/2023 due to the Company’s failure to meet the requirements outlined in the aforementioned Resolution within the specified timeframe which ended on 07/02/2024.
In conclusion, the CMA emphasizes on continuing its supervisory role in protecting investors, aiming to create a financial market characterized by fairness, competitiveness, and transparency, while reducing the systemic risks in securities activities, and ensuring compliance with the Laws and Bylaws 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'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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