CMA says MREC stocks will not be cancelled, protects investor interests

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KUWAIT CITY, Feb 3: In a commitment to protect the interests of the investing public and uphold regulatory compliance, the Capital Markets Authority announced a decision during its meeting No. 03 of 2024 on January 31, 2024. Effective from February 4, 2024, according to Al-Jarida daily, the decision, in line with Article 1-16-4 of the Listing Rules of the Executive Regulations, states that the listing of Mena Real Estate Company’s (MREC) stock on the Kuwait Stock Exchange will not be canceled.

The decision underscores adherence to Resolution No. 148 of 2023, issued on October 26, 2023, which pertains to the delisting of Mena Real Estate Company (K.S.C.P.) shares. The Capital Markets Authority, in continuous efforts to protect the investing public, emphasizes its commitment to Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and the regulation of securities activity, along with its executive regulations and subsequent amendments.

The key points of the decision include:

Retention of Listing: Mena Real Estate Company’s stock will not be delisted from the Kuwait Stock Exchange, adhering to the provisions of Article 1-16-4 of the Listing Rules and fulfilling the requirements of Resolution No. 148 of 2023.

Implementation and Publication: The competent authorities are directed to implement this decision within their respective jurisdictions. The decision comes into effect on Sunday, February 4, 2024, and will be officially published in the Official Gazette.

The Capital Markets Authority reiterates its commitment to its supervisory role, aiming to create a fair, competitive, and transparent financial market. Additionally, it seeks to mitigate risks inherent in securities activity and ensure compliance with laws and regulations related to financial transactions.

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