Gulf Cement on Sunday announced that it was resuming the transfer of its shares between Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX).
The stock transfer comes in line with the regulations and legal amendments that have been made and to the shareholders’ benefit, Gulf Cement said in a filing to Boursa Kuwait.
In December, the Kuwait and Abu Dhabi-listed cement firm had to halt the transfer of its shares between the two bourses owing to a stipulation issued in 2010, which said that new listing were required to have a maximum of 40% of shares traded on the bourse.
Gulf Cement, which has 60% of its shares traded on Boursa Kuwait, said it was listed on the Kuwaiti bourse in 1990 and should, therefore, be exempt from the 2010 rule.
“Since [the] Kuwait Clearing Company has requested that no shares be transferred to it, Gulf Cement Company will not be able to execute any transfer request to Boursa Kuwait until the final response from [the Kuwait Clearing Company is] received,” the company said in December.
Gulf Cement last reported turning to losses worth AED 2.9 million in the first quarter of 2018 against a profit of AED 8.1 million in the same period a year ago, on the back of a decrease in its profit margin.
Gulf Cement’s stock closed 2% lower on the ADX on Sunday at AED 0.98.