Sources said that two members of the Board of Directors of Ream Real Estate Company submitted their resignations, coinciding with the Capital Markets Authority’s resolution to delist the company from trading on Boursa Kuwait. It is reported that the resignation of both board members took place a few hours after the delisting resolution was released. 

The sources pointed out that the two resigning members were the independent board member Khaled Karam and Walid Al-Thaqeb, noting that the latter is a shareholder of the company, holding a stake of approximately 2% of its capital.

Despite stating that their resignation from the board of directors was due to personal reasons, the sources suggested that both members stepped down because they were not satisfied with the steps taken to avoid delisting the company's shares from trading on the exchange.

The Board of Directors consists of Al-Thaqib and Karam, in addition to representatives from the Public Authority for Minors Affairs and a representative from the General Secretariat of Endowments.

It is worth noting that the Public Authority for Minors Affairs owns about 39.5% of Ream’s shares, which on April 5th received a warning letter from the Capital Markets Authority advising that its shares would be delisted unless it rectified its conditions, as it was clear that the company’s board of directors failed to meet the regulatory requirements during a certain deadline that was set by the authority.  

The Company was facing financial difficulties that have jeopardized its business continuity since the Capital Markets Authority decided in October 2020 to dismiss the company's previous board of directors, as well as some of the Company’s executives.

During the Company's last Annual General Meeting (AGM), held at the end of last year, 95.6% of the shareholders refused to approve the financial statements for the financial year 2020 after the Company’s auditor declined to issue an unqualified opinion.