In the context of its ongoing commitment to safeguarding the investing public and ensuring compliance with relevant laws and regulations, the Capital Markets Authority issued a decision at its meeting No. 03 of 2024 on Jan 31, 2024 — the decision, which comes into effect from Feb 4, 2024, states that the listing of Mena Real Estate Company’s (MREC) stock on the Kuwait Stock Exchange will not be canceled.
This decision is in accordance with Article 1-16-4 of Listing Rules of the Executive Regulations of the Capital Markets Authority. The decision also emphasizes compliance with Resolution No. 148 of 2023 regarding the delisting of Mena Real Estate Company (K.S.C.P.) shares issued on Oct 26, 2023.
Within the framework of the Capital Markets Authority’s continuous endeavor to provide protection to the investing public from what the security may be exposed to for any actions or behaviors that may violate the provisions of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and the regulation of securities activity and its executive regulations and their amendments in confirmation of its commitment to the provisions of the law and its executive regulations mentioned above.
In this regard a decision was issued by the Authority’s Board of Commissioners at its meeting, stipulating the following:
- First: Not canceling the listing of Mena Real Estate Company’s stock from the Kuwait Stock Exchange and returning the stock to trading, in accordance with the provisions of Article 1-16-4 of Listing Rules of the Executive Regulations of the Capital Markets Authority and its fulfillment of the requirements of Resolution No. 148 of 2023. Regarding the delisting of the shares of Mena Real Estate Company (K.S.C.P.) from the Kuwait Stock Exchange issued on 10/26/2023.
- Second: The competent authorities must implement this decision, each within its jurisdiction and it shall come into effect as of Sunday, 02/04/2024, and it shall be published in the Official Gazette.
In conclusion, the Authority confirms that it will continue to carry out its supervisory role in the field of protecting the investing public, which would also create a fair, competitive and transparent financial market, in addition to reducing the typical risks expected to occur in securities activity, in addition to working to ensure compliance with the laws and regulations related to the money bills.
