Wednesday, May 02, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Capital Markets Authority, or CMA, has reversed its previous ruling that delisted the shares of the troubled Kuwait National Airways Co. (KNA.KW) from the local bourse, Kuwait-based Al Watan daily reports Wednesday.
The CMA's complaints and grievances committee has issued a decision accepting the carrier's grievance, the paper reports.
The committee said the CMA should have given Kuwait National Airways the right to defend itself before issuing the delisting decision, the daily says quoting Thamer Arab, chairman of the airline which is also known as Wataniya Airways.
Wataniya Airways had filed a grievance to the CMA in which it stated that its board of directors had made several attempts to address the carrier's problems, Al Watan reports, adding that the board had also called for shareholder meetings several times to decide on a plan to increase its capital and to look into the company's future but a quorum wasn't reached due to the large number of shareholders which totals about 27,000.
Wataniya, which was one of nine companies that the CMA delisted in February, suspended its operations in 2011 due to losses. The debt-saddled airline has been trying to solve this problem since last year.
Newspaper website: http://alwatan.kuwait.tt/articledetails.aspx?Id=191245&YearQuarter=20122
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
02-05-12 0446GMT
