Kuwait CMA rejects Jiyad Holding’s grievance against trading halt

The grievance is related to the authority’s resolution on 29 August 2019 to suspend all shares of Jiyad Holding from trading on Boursa Kuwait

  
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

Kuwait -Jiyad Holding Co. disclosed on Tuesday that the Capital Markets Authority (CMA) in Kuwait has rejected the grievance filed by the company against the authority.

This grievance is related to the authority’s resolution on 29 August 2019 to suspend all shares of Jiyad Holding from trading on Boursa Kuwait.

In a bourse filing, Jiyad Holding noted that no impact shall reflect on the company’s financial statements from rejecting the grievance.

On 29 August, Boursa Kuwait announced the CMA may stop any stock from trading in case the listed securities fail to fulfill any of the obligations stipulated according to the applicable laws and regulations, or in case a protection for market traders is sought.

Source: Mubasher

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