Boursa Kuwait suspends Al-Kout Industrial Projects, Ithmaar Holding
Al-Kout suspended for failure to submit financial statements; Ithmaar trading stopped for losses exceeding 75% of capital
Stock market Boursa Kuwait has suspended four companies from trading due to their failure to provide financial statements and for posting losses worth more than 75% of their capital, with the list including Al-Kout Industrial Projects Co, Ithmaar Holding, and Yako Medical Companies.
According to Kuwait’s state-held news agency, Kuna, Al-Kout Industrial Projects Co was suspended for failing to submit financial statements on 31 March, 2019.
Ithmaar Holding and Yako Medical Companies were suspended for losses exceeding 75% of their capital.
Trading of the latter companies’ shares is suspended until their completion of capital reduction procedures, with trading expected to resume on 26 August, 2019.
News of Ithmaar Holding’s suspension comes days after chairman Prince Amr Al Faisal announced that the company would voluntarily delist from Boursa Kuwait, and continue to list on Bahrain Bourse and Dubai Financial Market.
The delisting plan was subject to the approval of relevant authorities in Kuwait and Bahrain, according to a report by Construction Week’s sister title Arabian Business.