Title: Resolution No. (127) of 2024 Regarding the Suspension of Trading of Sultan Center Food Company 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 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 Sultan Center Food Company Shares Listed in Boursa Kuwait Securities Exchange.

The Following Was Resolved: 
Article (1)
The shares of Sultan Center Food Company listed in Boursa Kuwait Securities Exchange are hereby suspended from trading according to Item (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 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:
….
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 suspension shall remain in effect 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 period ending on 31/12/2023 and subsequent financial statements, in particular the reservations of the item of “Investment in associate companies”, in a manner that  ensures that the 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 addressing these observations, by no later than 31/12/2024.

Article (2)
The continuation of listing the shares of Sultan Center Food 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)
Sultan Center Food 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