Boursa Kuwait, which runs the Kuwait Stock Exchange, announced in a statement on Monday, September 13, that it has suspended a total of 10 companies from trading.
In the statement, it listed out seven reasons behind why each company had been suspended from trading, with some companies being penalized for multiple reasons.
In the first case, Al-Mal Investment Co was suspended because it “did not submit the financials” for September 30 and December 31 in 2020, and March 31 and June 30 this year.
Effectively, the company has not submitted its three-month results for the past four quarters, or a whole year now.
It was also suspended because it had not paid the annual subscription fees for 2021.
The second was Ream Real Estate Co, which did not submit the financials for December 31 in 2020, and March 31 and June 30 this year.
It was also suspended because one of its auditors “decided to disclaim an opinion on the financial statements.”
In the third case, three companies — Al Mudon Intl Real Estate Co, Ajwan Gulf Real Estate Co, and Al-Madina for Finance and Investment Co — were suspended because they had not paid their annual subscription fees for 2019.
Al-Mal Investment Co and Al-Madina for Finance and Investment Co were also among the six companies that were suspended following a decision by the Capital Markets Authority that went against them.
The other four companies are Ajwan Gulf Real Estate Co, KGL Logistics Co, National Shooting Co, and Al Bareeq Holding Co.
In the final case, Hilal Cement Co was suspended “because of the capital decrease,” said Boursa Kuwait in its statement.