The Board of Commissioners of Kuwait's Capital Market Authority (CMA) on Monday took punitive measures against companies whose shares have been suspended and delisted them for failing to abide by relevant regulations and rules, Director General of Kuwait Stock Exchange (KSE) Faleh Al-Raqaba said on Monday.
The decisions taken by the board include canceling listing of the shares of the Industrial Investments Company, effective on February 28, 2013, unless the company's management provided the financial statements for the period between 30/06/12 to 30/09/2012 to meet all regulatory compliance requirements, Al-Raqaba said in a press statement.
He added that the decisions also included delisting Al-Safat Investment Company's shares, as of February 28, 2013 unless the company's management held general assembly for the fiscal year ending in 31/12/2010 and the general assembly of 31/12/2011 as well as adopting the financial data for the fiscal year ending on 31/12/2010 and 31/12/2011, in addition to adopting quarterly data for the fiscal year of 2012 until 30/09/2012.
The board also decided to suspend the shares of Al-Ahlia Holding Company from KSE on the same date if its management did not make up for its losses and restore the company's financial status as it existed on 31/12/2011.
The shares of ISKAN Finance Housing Company and Kuwait Commercial Markets Complex Company (KCMCC) were not suspended, Al-Raqaba concluded.