Kuwait - The ordinary general meeting (OGM) of Kuwait Bahrain International Exchange has approved the optional withdrawal from Boursa Kuwait, the company disclosed to Boursa Kuwait on Tuesday.

In April 2019, the board of the company ascribed the optional withdrawal firstly to higher membership fees in the Kuwait Clearing Co and Boursa Kuwait with no benefits to shareholders.

Secondly, as one family owns 81% of the firm’s capital and the board of directors is fully represented by it, the company has failed to trade on most of its shares.

The third reason behind the delisting decision was the absence of the company’s trading of its shares by the equity owners for the remaining shares which represent 19% of capital.

The shareholders have also discussed the Central Bank of Kuwait’s (CBK) violations against the company, which began by signing a financial penalty worth about KWD 12,500 for breaching Item no. 9 related to Anti-money Laundering and Combatting Financing of Terrorism.

Source: Mubasher

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