CMA sets dates for assemblies execution of decisions

Kuwait Clearinghouse in charge of follow up

KUWAIT CITY, April 6: Capital Market Authority has set four new dates for the mandatory execution of decisions of general assemblies in line with international corporate actions for post transaction regulations. Implementation of the decision will begin in the second quarter of this year, reports AlJarida daily.

The daily quoting a source noted execution of decisions on the current transactions are based on local approaches, and international corporate actions require fixing four dates related to distribution of cash, decrease and increase in capital.

A shareholder on the first date may join in the group of those who deserve dividends, and the exit date is the day preceding the date of entry when shares buyers cannot receive any dividend or decrease and increase of capital. It is possible for registered stakeholders to be given the right of receiving dividends on the due date, which is two days after the date of exit. The date of payment often falls between one and five days from the due date.

The source indicated Kuwait Clearinghouse Company is in charge of follow up of execution of decisions of the general assemblies in collaboration with relevant parties along the lines of international corporate actions.

An opinion poll involving 71 male and female Kuwaiti citizens was conducted with the aim of determining the reason behind Kuwait’s refusal of the increase in fees and imposition of taxes, as opposed to other GCC nationals who have accepted such measures, reports Al-Qabas daily.

The daily explained that the response differed in certain aspects; however, they were concurrent in ten other aspects which were — The citizen does not trust the government and does not consider it as ideal model. Before increasing charges and imposing taxes, the government ought to curb wastage of funds and combat corruption. If it is necessary to increase non-oil revenues, it should first start with those having the financial ability. It should increase the fees for the use of the state properties and real-estates. The parliament needs to represent common people and preserve their welfare due to which it should reject anything that will affect the pockets of common people, knowing that populace opposition is a vested constitutional right in a country that enjoys freedom of opinion.

Meanwhile, there were some who do not believe that the country’s reserves are insufficient. They accused the government of “misleading”, and demanded the continuity of the luxury standard of living because Kuwait is a wealthy country.