Title: Resolution No. (126) of 2024

Having Perused: 
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and amendments thereto; and 
- CMA Board of Commissioners Resolution passed in its meeting No. (30) of 2024 held on 18/09/2024 Regarding the Suspension of Trading of Real Estate Trade Centers Company Shares Listed in Boursa Kuwait Securities Exchange.

The Following Was Resolved: 
Article (1)
The shares of Real Estate Trade Centers Company  listed in Boursa Kuwait Securities Exchange are hereby suspended from trading according to Items No. (1) and (3) 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:

1. Violating the Issuer for any of the obligations imposed on it under the laws and

regulations applied by the Authority and the Exchange

….
3. Achieve investor protection in the markets.”

This will continue until the Company takes the necessary measures to valuate the real estate asset represented by a usufruct contract, stipulated in item “Properties under development” in a manner consistent with the provisions of Appendix 1 (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) 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, provided that the balance of this asset  is recorded and the remaining balances of the financial statements are recorded fairly and accurately, and that the Company works to provide the CMA with financial statements that reflect the financial impact of applying this procedure, , by no later than 31/12/2024.

Article (2)
The continuation of listing the shares of Real Estate Trade Centers Company 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)
Real Estate Trade Centers Company 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. 

Prof. Ahmad Almelhem
Issued on: 18/09/2024.

Copy of the Official Document