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Wednesday , February 8 2023

Uproar over stocks trading suspension

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KUWAIT CITY, Jan 2 : Several Kuwaiti economists on Wednesday warned against the recurring suspension of companies’ stocks from trading for different reasons. In separate statements to KUNA, the economists agreed that suspension goes against the benefit of small sharetraders and affects decision-making for local and foreign investors. They, accordingly, called for finding effective solutions for bourse-listed companies that have their stocks suspended repeatedly.

They also called on responsible bodies to increase sanctions for these companies’ boards to avoid repeating suspension, while affirming the importance of share-holders taking part in the general assembly meetings. On his part, advisor of Arzaq Capital Holding Company’s board Salah Al-Sultan said that the bourse’s listing laws are clear, however, some companies are late in paying annual fees or presenting their financial status, which leads to suspending their stocks.

Share-holders must know the reason behind the suspension during meetings, but unfortunately there is not enough communication from a lot of holders, he noted. On his part, member of the board of Surooh Holding company Suleiman Al-Wuqayan said that the only solution to the problem is that owners pressure the company’s board to avoid infractions, caused by delay in paying fees to continue being enlisted in the bourse. Kuwait Bourse on Tuesday announced suspending the stocks of nine companies. By Mohammad Kamal(KUNA)

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