Kuwaiti court refuses Ream Real Estate’s grievance against CMA

In April 2019, the CMA rejected the merger between Ream Real Estate and International Resorts Company (IRC) based on the asset valuator’s notes on London Resorts Holding Limited Company

  
Image used for illustrative purpose. A general view of the Kuwait Palace of Justice (court house) in Kuwait City.

Image used for illustrative purpose. A general view of the Kuwait Palace of Justice (court house) in Kuwait City.

REUTERS/Stephanie McGehee
Kuwait - The Capital Markets Court rejected the grievance submitted by Ream Real Estate Co against Kuwait’s Capital Markets Authority’s (CMA) rejection of the merger draft.

The decision of the CMA was issued on 20 June 2019, according to a bourse statement on Thursday.

In April 2019, the CMA rejected the merger between Ream Real Estate and International Resorts Company (IRC) based on the asset valuator’s notes on London Resorts Holding Limited Company.

Meanwhile, Ream attributed the CMA’s rejection to the notes and restrictive remarks of the asset valuator (BOD) and the investment advisor (Protiviti) on Ream Real Estate's assessment as it did not submit the financial statements of its subsidiary, Ream UK Ltd.

Source: Mubasher

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