The Capital Markets Authority (CMA) issued a statement to Boursa Kuwait today, Thursday, 26 May 2022, regarding the delisting of Al-Mudon International Real Estate Company from the stock exchange, stating the following: As part of the Capital Markets Authority’s (CMA) continuous endeavor to uphold the provisions of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments, a resolution was issued by the Board of Commissioners at its meeting No. (20) for the year 2022, held on 25 May 2022.
Al-Mudon International Real Estate Company's shares is hereby canceled from trading on Boursa Kuwait Securities Exchange (Main Market) as of 26 May 2022, according to item No. (3) 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, and their amendments, for not complying with CMA’s requirements as per Resolution No. CMA 4-34 of 2021, to evaluate the investment in the London Resorts Holding Company in a manner, mechanism and data that enable the company to include it in its financial statements at a value that reflects its fair value, as well as the following reasons :
Not paying the remaining annual fees for 2019 to Boursa Kuwait Securities Company. Not paying the 2022 annual fees to Boursa Kuwait Securities Company. Not submitting any financial statements since 30 September 2021 to date. The company is also required to comply with Circular No. (4) of 2022 issued on 21 April 2022.
In conclusion, CMA confirms that it will continue its supervisory role in protecting public investors, which will also create a fair, competitive and transparent financial market, as well as reduce the systemic risks that are expected to occur in securities activities, in addition to working to ensure compliance with laws and regulations related to such activities.