CmaBoardReleases
Title: Resolution No. (69) of 2017 on Listed Companies Compliance with Clause (41) of Appendix No. (3) of the Transitional Provisions of Resolution No. (72) of 2015 on Issuance of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and
- Resolution No. (72) of 2015 on the Issuance of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and
- Clause No. (41) of Appendix No. (3) of the Transitional Provisions of Resolution No. (72) of 2015 on the Issuance of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (20) of 2017 held on 14/5/2017;
The Following Was Resolved
Article (1)
The following companies, which obtained the CMA’s approval to increase their capital to KWD 10 million or more, are hereby granted a maximum of three months’ grace period that ends on 15/8/2017 in order to complete the procedures of the capital increase. The companies are as follows:
- Hilal Cement Company
- Automated Systems Company
- National Petroleum Services Company (NAPESCO)
- United Projects Group - UPAC
Article (2)
The listing of the following companies, which did not obtain the CMA’s approval for increasing their capital and did not fulfill the provisions of clause (1) of Article (2-1-2) or clause (1) of Article (2-2-1) or clause (6) of Article (2-5-1) – whatever the case may be - of Module Twelve (Listing Rules) of the Executive Bylaws of Law o. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, are hereby transferred from the Regular Market to the Parallel Market starting form 16/5/2017, they are as follows:
- Kuwait Bahrain International Exchange Co. K.S.C.C
- Metal and Recycling Co. – MRC
- National Consumer Holding Company – NCCI
- Kuwait Hotels Company
- Kuwait Cable Vision Company – CABLETV
- Palms Agro Production Co. – PAPCO
- Hayat Communications CO. – HAYATCOMM
- Bahrain & Kuwait Insurance Co. - (BKIC)
- Safat Global Holding – SAFATGLB
- Kuwait Gypsum Manufacturing and Trading Co – GYPSUM
- Gulf Franchising Holding Co. – GFC
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 16/5/2017, and it shall be published in the Official Gazette.
Abdulmohsen H. Al-Mazidi
Acting Chairman of CMA Board of Commissioners
and Managing Director
Issued on: 14/5/2017