The Kuwait Stock Exchange (Boursa Kuwait) announced that it has not approved the sale of unlisted securities owned by Al Imtiaz Investment Group, citing procedural and legal concerns.
In an official disclosure posted on its website, the stock exchange clarified that it had received a formal decision from the advisor and Head of the Capital Enforcement Department at the Ministry of Justice.
The decision stated, “The sale of unlisted securities shall not be approved, and the situation shall be restored to its previous state.
“The date for their sale shall be set for June 16. The Capital Markets Authority (CMA), Boursa Kuwait, the Kuwait Clearing Company, and the Gulf Securities Custody Company are instructed to take all legally required measures to ensure the proper completion of the sale on the specified date.”
The decision effectively suspends any ongoing or premature sale efforts of the non-listed shares until the new auction date.
According to the disclosure, the decision was based on findings that some unlisted shares, maintained by the Gulf Securities Custody Company, had been mortgaged to a creditor, and that legal procedures related to the mortgage were not followed by the custody company. This prompted authorities to intervene, restore the status quo, and reschedule the sale to ensure compliance with legal and financial regulations.
The move underscores regulatory efforts to maintain transparency, protect creditors’ rights, and uphold market integrity, particularly in transactions involving non-listed securities.
