The Capital Markets Authority Board of Commissioners issued a resolution in its meeting No. (16) of 2022 cancelling the listing of Al-Bareeq Holding Company’s shares from Boursa Kuwait effective Thursday, 21 April 2022.

According to the statement, this resolution was based on Item No. (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, its Executive Bylaws.

CMA pointed out that it issued this resolution due to the Company’s failure to take the necessary procedures to record its assets of material value in amounts that reflect its nominal value, and that a big part of such assets did not meet the regulatory requirements necessary to be recognized as the Company’s assets which resulted in misleading and harming the dealers in the market.
In addition, serious remarks were monitored on Al-Bareeq Holding Company, its Board of Directors and other related parties for the Company’s failure to comply with the provisions of the aforementioned Law and its Executive Bylaws, in particular the instructions of disclosure and transparency, corporate governance, and listing rules, as well as providing misleading information to the CMA and the dealers of the market.

The issuance of this Resolution is in light of Resolution No. (50) of 2022 issued on 04 April 2022 Regarding Suspending the Shares of Al-Bareeq Holding Company from Trading at Kuwait Securities Exchange as of 05 April 2022 until the CMA completes its supervisory procedures and activities. The mentioned Resolution aimed to provide the necessary protection for investors and dealers in securities, based on Items (1) and (3) of Article 1-18 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.

It is worth noting that the Company was subject to more supervision during the last period pursuant to CMA’s Resolution No. (126) of 2021 issued on 04 November 2021 Regarding Resuming the Trading on AL-Bareeq Holding Company's Shares in Boursa Kuwait Securities Exchange and Subjecting it to more Supervision.

The Company shall also comply with CMA’s Circular No. (4) of 2022 issued on 21 April 2022.

It is worth noting that Bareeq’s profits jumped 98% last year; reaching KWD 642,160 thousand, compared to KWD 324,510 in 2020.