Market's committee decision no. 2 for the year 2007
Article
(1)
The following conditions
should be existing in shareholding companies that apply for listing
it's shares in the parallel market.
Article
(2)
The companies issued
capital should be fully paid and should not be less than 3 million Kuwait
Dinar or its equivalent amount in foreign currency.
The total shareholders’ rights must not be less than the amount
of the paid – up capital according to the last audited annual
financial statements before the request of the date to be listed.
Article
(3)
The company should
have achieved profit for at least the previous 2 years. The total average
profit for the two years must not be less than 5% from the paid –
up capital.
Article
(4)
The numbers of
shareholders of the company must at least be 50 shareholders.
Article
(5)
The company’s
share should be tradeable according to the rule of the bylaws at the
time of it's inception taking in consideration that the period it must
pass in order to trade it's shareholders or it's founders shares must
not be less than the period requested by the Kuwaiti companies law.
Article
(6)
In case, the application
to be listed is presented by a closed company which has increased its
capital more than 50%, the elapsed time since this increase must be
1 year from the date it registered in the commercial registrar.
Article
(7)
In case; the application
is presented by a closed company that has changed its judicial status
from being a limited liability company to a closed shareholding company;
a year must elapse on this change from the date of it's registration
in the commercial registrar with the transfer resolution.
Article
(8)
A non-Kuwaiti company
should be listed in it's country of origin stock market.
Article
(9)
The board member
of the company shall undertake to adhere with all the rules and regulations
set by K.S.E, and to provide K.S.E management with all the required
declarations and information provided that this information is correct
and reliable.
Article
(10)
The company should
keep it's registrar with the clearing chamber and to adhere to all the
related instructions issued by the market.
Article
(11)
Attain the approval
of the company's general assembly to enlist the company's shares on
K.S.E.
Article
(12)
Strategic shareholders
in closed companies applying to list in KSE must hold their shares (i-e
all shareholders who own 5% or more in the company's capital) and not
less than 25% from the company's capital. In case the total average
of ownership of strategic shareholders is less than 25% from the company's
capital it will be permitted to conclude this deficiency from other
shareholders whose ownership is less than 5% from the company's capital.
All strategic shareholders must abide with the following:
a) Not to act with 50% from the total average of strategic shares until
after one year from the date of enlisting.
b) Not to act with 50% from the total average of strategic shares that
are balanced until after two years from date of enlisting.
Exception to that will be incase one of the strategic shareholders decides
to sell all his shares to a new shareholder but he must abide with the
period stated above that starts with the date of listing the company
in the market.
Article
(13)
The company shall
abide to pay the amount of Three Thousand Kuwaiti Dinars as a registration
fee (KD3000) and an annual membership fee of (.05%) out of the paid-up
capital of the company and not exceeding twenty five thousand Kuwaiti
Dinars (KD25,000).