Boursa Kuwait suspends trading of 14 companies

Companies have been suspended due to a variety of reasons, including liquidation and losses exceeding 75% of paid up capital

  
Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Getty Images/Joe Raedle

Trading has been suspended for 14 Boursa Kuwait companies for a variety of reasons, the stock market announced today.

The suspensions were made by the stock market for 10 different reasons, with Effect Real Estate Co and Danah Al Safat Foodstuff Co (DANAH) both suspended due to liquidation.

DANAH also received a suspension for a loss exceeding 75 percent of paid up capital, as did Ithmaar Holding Co, Al Rai Media Group Co and Al Deera Holding Co and Ajwan Gulf Real Estate

Effect Real Estate has also failed to file any financial reports since early 2019 and has failed to pay its subscription fees in 2020.

DANAH also failed to file any financial reports so far in 2020.

Arabi Holding Group was suspended due to a decision by the Capital Market Authority (CMA).

While Ithmaar Holding Co and Yiaco Medical Co received suspensions due to decisions by Boursa Kuwait’s Violations Committee. Ithmaar has also failed to pay subscription fees in 2020.

Tamkeen Holding Co, Al Mudon Intl Real Estate, Kuwait Cable Vision were all suspended for failing to file reports and failure to pay subscription fees.

Sharjah Cement & Industrial Development Co. and Ras Al Khaimah CO. for White Cement Construction Materials were both suspended for failure to pay subscription fees, while Ream Real Estate Co was suspended for failing to submit financial reports.

(Writing by Imogen Lillywhite; Editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2020

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