Tuesday, Jul 03, 2012
BEIRUT (Zawya Dow Jones)--The Kuwait Stock Exchange said Tuesday that shares of 23 listed companies are currently suspended from trading for various reasons.
The bourse said in a statement posted on its website that 13 companies are suspended for failure to submit their financial results on time.
The other reasons include accumulated losses exceeding the regulatory threshold of 75% of a company's capital and failure to hold general shareholder meetings by the deadline, according to the statement.
Some companies were suspended because they are in the process of increasing their capital, while others were suspended pending a major announcement.
The companies include, Global Investment House (GLOBAL.KW), Kuwait Finance and Investment Co. (KFIC.KW), or KFIC, and Al Ahlia Holding Co. (AINV.KW), which were suspended due to excessive accumulated losses, the statement said. KFIC is also in the process of hiking its capital.
National Mobile Telecommunications Co. (NMTC.KW), Livestock Transport and Trading Co. (CATTL.KW), and United Projects for Aviation Services Co. (UPAC.KW) were temporarily suspended pending a major announcement, according to the statement.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, firstname.lastname@example.org
Copyright (c) 2012 Dow Jones & Co.
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