CMA LAW: Press Release: Delisting of the Shares of Dalqan Real Estate Company from Boursa Kuwait Securities Exchange

Kuwait, October 15, 2026 – 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 based on Resolution No. (59) of 2026 Regarding the Suspension of Trading of Dalqan Real Estate Company Shares Listed in Boursa Kuwait Securities Exchange issued on 13/05/2026, which stipulates:

“Article (1)

The shares of Dalqan Real Estate Company listed in Boursa Kuwait Securities Exchange are hereby suspended from trading, pursuant to Items (3), (4), and (5) of the provision 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:

…

3. Achieve investor protection in the markets.

4. If the Issuer fails to submit any data or documents required by the Authority within its regulatory scope.

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 will continue until the Company takes the following necessary procedures:

1- Submitting the following documents:

- Copies of the cheques used to deposit the proceeds from the sale of investment properties in Salmiya area No. (30), (31), and (32), or a certified bank document showing all the details of those cheques, including the name of the cheque issuer and the cheque number.

- Supporting documents and contracts that prove the details and nature of transactions and transfers to and from the company's bank accounts from 01/01/2024 to 31/12/2025, in addition to all post-dated checks for settlements starting from 01/01/2024, with the following parties:

• Dalqan Holding Group Company, including the accounting records for KWD 750,000 and KWD 806,800, as disclosed in the company's disclosure on 09/04/ 2026.

• Aleid Foods Company.

• Al Ashraf Market Center Company.

• Zahoor Al Reef General Trading and Contracting Company.

• Any other parties related to Dalqan Real Estate Company.

The aforementioned documents, along with any other information and documents requested by the CMA, must be provided no later than 01/06/2026.

2- Addressing the material errors in the financial statements for the periods ending on 31/3/2025, 30/6/2025, 30/9/2025 particularly the items regarding the cash and cash equivalents in the company's statement of financial position, the rental income item in the consolidated profit and loss statement, and the size and nature of transactions with related parties in the notes to the financial statements. These errors shall be addressed by reissuing the financial statements in a manner that ensures the balances for those financial periods are recorded fairly and accurately, reflecting the company's true financial position. A copy of the reissued financial statements shall be provided to the CMA no later than 16/08/ 2026.

3- Submitting the company's audited financial statements to the CMA for the financial year ending on 31/12/2025 and any subsequent financial statements, in compliance with the regulatory deadlines stipulated in the Executive Bylaws of Law No. (7) of 2010 and their amendments. The CMA will verify the observations submitted by the company's external auditor appointed by the General Assembly on 28/04/2025, and any other observations. These financial statements shall be provided to the CMA no later than 16/08/2026.

Article (2)

The continuation of listing the shares of Dalqan Real Estate 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)

Dalqan Real Estate 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.”

The CMA Board of Commissioners issued in its meeting held on 14/10/2026 the following resolution:

“The shares of Dalqan Real Estate Company are hereby delisted from Boursa Kuwait Securities Exchange pursuant to Item (7) and Item (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, due to the Company’s failure to meet the requirements set out in Article (1) of Resolution No. (59) of 2026 issued on 13/05/2026.”

The CMA has repeatedly emphasized on the Company’s need to comply with the requirements of the aforementioned Resolution during the period of considering the continuation of listing the Company’s shares pursuant to Article (2) of the same Resolution prior to the implementation of Article (2-4-1) (Delisting of Shares of Shareholding Companies from the Exchange) 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; however, the Company did not meet the requirements of the Resolution and provide the CMA with the required documents mentioned in Article (1) thereof within the deadline granted to it. It was also proven that the auditor did not provide opinion in his reports made on the periodical financial statements that were reissued for the financial years that ended on 31/03/2025, 30/06/2025, and 30/09/2025, the financial statements for the year that ended on 31/12/2025, and the periodical periods ending on 31/03/2026 and 30/06/2026.

It is worth noting that that the CMA has announced on Boursa Kuwait website on 31/08/2026 the issuance of Resolution No. (416) of 2026 by the Prosecutor General received by the CMA on 25/8/2026, which included the temporary suspension of the Board Members, CEO, and Financial Manager of Dalqan Real Estate Company from practicing the profession until the completion of investigation in Case No. 17 of 2026 Capital Market Prosecution Registry. The mentioned announcement stated that the CMA has taken the legal procedures towards Dalqan Real Estate Company for its failure to comply with the CMA’s instructions of disclosing the mentioned material information.

Accordingly, the Company is required to comply with Article (2-4-2) 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 stipulates:

“The Board of Directors of a company shall call the general assembly to discuss the resolution of delisting the company’s Shares from the Exchange, including addressing the company’s current condition and the future plans to resolve these conditions. Calling for the company’s general assembly shall be made within a period of three months from the date of the resolution to delist the company’s Shares. The Members of a Board of Directors shall be subject to disciplinary actions in case of refraining from convening the general assembly during the stated period.

The company shall also provide the Authority and the Exchange with a copy of the certified minutes of the general assembly meeting, within a period of not more than two weeks from the date of commencing the general assembly.”

Whereas the Company’s Board Members are suspended from practicing their duties pursuant to Resolution No. (416) of 2026 issued by the Prosecutor General, which prevents them from the invitation to the Company’s general assembly, accordingly, the provision of Article (207) of Law No. 1 of 2016 regarding the issuance the Companies Law shall apply, stipulating the following:

“The Ministry shall invite the general meeting to convene within fifteen days, if the general meeting has not been invited by the board of directors for any reason, in cases where the board of directors is obliged to call the general meeting. The Ministry shall assume the role of the board of directors in taking the necessary measures to convene the meeting and may preside over the meeting, unless the general meeting elects a shareholder for this purpose.”

In addition, the Company must comply with Article (2-4-3) 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 stipulates:

“Kuwaiti shareholding companies whose Shares were delisted pursuant to a resolution shall be registered in the (Unlisted Securities System) through the continuous trading within five Business Days from the effective date of the cancellation resolution.”

The CMA emphasizes on continuing its supervisory role in protecting investors, fostering a capital market rooted in fairness, competitiveness, and transparency, mitigating foreseeable systemic risks in securities activities, and ensuring compliance with the laws and regulations related to securities activities.

Ends-

Notes to Editors:

The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate 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:

Awareness, Public Relations and Communication Office

Tel: 1888898

Email: pr-media@cma.gov.kw

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.