Boursa Kuwait announced that it delisted Al-Madina Finance and Investment Company, as of Thursday.
According to a statement issued by the Stock Exchange, this decision is based on the Capital Markets Authority’s resolution to protect investors and regulate the market.
The Authority indicated that there were doubts about the company's ability to continue carrying out its business, in addition to the material notes on Al-Madina (also listed on Dubai Stock Exchange).
This comes after repeated violations, and a large number of observations that have been monitored, leading to a conclusion that it may not continue trading on Boursa Kuwait.
The company’s preliminary data had incurred KWD 1 million losses in 2021 compared to KWD 3.46 million in profits in 2020.