GulfBase Live Support
Leave a message and our representative will contact you soon
18/02/2012 07:46 AST
Kuwait’s Capital Markets Authority (CMA) has ordered nine listed companies, including the co-owner of Aston Martin, to be removed from the stock exchange.
Most firms to be delisted are investment companies that have struggled to meet debt obligations since the global financial crisis and their shares have been suspended for failing to report earnings on time.
Investment Dar, which brought half of Aston Martin for 479 million pounds ($751.7 million) in 2007, is among those to be delisted, according to a statement carried by the state news agency.
The firm secured a 1 billion dinar ($3.6 billion) debt deal with creditors in February 2011 but has not traded on the exchange since April 2009.
Investment Dar declined to comment but a spokesperson said the company would issue a statement in the coming days.
International Investment Group, which defaulted on a $200 million Islamic bond in April 2010, is another ordered to delist.
“It gives a better reflection of the index, given that most of these companies have been halted for a while and investors got used to not trading them,” said Jasem Al-Zeraei, head of institutional sales at NBK Capital.
“However, it’s negative for the shareholders in these companies who don’t have the hope anymore of these companies trading again.”
A further nine investment firms were also issued with an ultimatum by the CMA to correct their financial positions by March 31 or be delisted, the statement added.
Reuters
05/04/2018
Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r
The National
05/04/2018
Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti
Times of Oman
05/04/2018
Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s
Gulf News
04/04/2018
Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank
Times of Oman
04/04/2018
Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b
Gulf News