Market Committee decision No. (1) for the year 2008 concerning the capital increase of listed companies by 300% or more
After the perusal of the Amiri Decree issued on 14/08/1983 organizing the Kuwait Stock Exchange.
And the Decision no. (35) of the Minister of Commerce and Industry for the year 1983 issuing the bylaws of KSE.
And the market committee’s decision no. (1) for the year 2007 concerning the rules and conditions for listing shareholding companies in the official market.
And the market committee’s decision No. (2) for the year 2007 concerning the rules and conditions for listing shareholding companies in the parallel market.
And the market committee’s decision No. (3) for the year 2007
And according to the approval of the market committee in its meeting No. (8) for the year 2008.
The following has been decided:
All listed companies in the market who request; by the recommendation of their board of directors, to increase their capital by 300% or more during one fiscal year shall submit a technical study from certified professional offices on the feasibility of this increase, usage aspects, recall dates, and the amount of the issuance premium.
The Market Committee may halt the trading of stocks of the company requesting the capital increase if it sees that the trading activity after the implementation of this increase affects the interests of the clients or the conditions prevailing in the market until the issuance of the first audited financial reports of the company, provided the period of suspension is not less than three months and not more than 12 months from the date of completion of the request for the capital increase.
This law shall be enforceable from the date of its issuance. It shall be published in the official gazette and shall cancel all resolutions that collide with it. The market director must implement it.
Ahmad Yagoub Baqer Al-abdullah
Minster of Commerce and Industry
Minster of the state’s National Assembly Affairs
President of Kuwait Stock Exchange Market Committee
Issued on 30/10/2008