CmaBoardReleases
Title: Resolution No. (75) of 2016 Regarding Revoking the Securities Activities License of Al-Shall Investment Company K.S.C.C. and Removing it from Licensed Persons Register at the CMA
Having Perused:
- 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 the request of Al-Shall Investment Company K.S.C.C. to revoke all securities activities, and its transformation to a holding company and remove its name from licensed persons register at the CMA; and
- Based on the Extraordinary General Assembly of Al-Shall Investment Company K.S.C.C. held on 22/06/2016 on the approval of amending the company’s objectives as originally established pursuant to Law No. (15) of 1960 on Issuance of the Commercial Companies Law, and notating the same in the Commercial Register Department in the Ministry of Commerce and Industry on 14/07/2016;
- Based on CMA Board of Commissioners Resolution No. (44) of 2015 passed in its meeting No. (18) of 2015 held on 3/6/2015 on delegating some competences of the Supervision Sector.
The Following Was Resolved:
Article (1)
The securities activities license of Al-Shall Investment Company K.S.C.C. is hereby revoked, and it is removed from the licensed persons register at the CMA.
Article (2)
The concerned bodies shall execute this Resolution, each within its jurisdiction. It shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Mohammad Sulaiman Almarzouq
Head of Supervision Sector
Issued on: 11/08/2016