Kuwait bourse halts trading of ten companies

Securities House Co clarifies with regard to KFH lawsuit

KUWAIT CITY, Dec 24: The Kuwait Stock Exchange announces that the trading of t he following companies has been halted in accordance with the following:

First: companies that did not submit data on Dec 31, 2011; March 31, 2012; June 30, 2012 and Sept 30, 2012 — Al Safat Investment Company (Safat)

Second: companies that did not submit data on March 31, 2012; June 30, 2012; Sept 30, 2012 — Industrial Investment Company (Industrial)

Third: companies that did not submit data on June 30, 2012; Sept 30, 2012 — Imtiaz Investment Company (Imtiaz)

Fourth: companies did not provide data on Sept 30, 2012 — Kuwait Commercial Markets Complex (Markets), Safwa Group Holding Company, Al-Shamel International Holding.

Fifth: companies that did not provide data on Aug 31, 2012 — Jeeran Holding Co. (Jeeran)

Sixth: companies that staged losses exceeding 75 percent or more of the capital — Global Investment House (Global); Al Ahlia Holding (Ahlia) Safwa Group Holding Company (Safwa)

The Kuwait Stock Exchange company has announced that it has received clarification from Securities House Company as follows: With reference to the above subject No. 712/2012 dated Nov 20, 2012, regarding the lawsuit filed by one of the financing authority to demand payment in dispute between the parties we would like to inform that the lawsuit filed by the Kuwait Finance House and the total sum which is in conflict is KD 43,352,021.

Regarding the former disclosure in Kuwait Stock Exchange on Dec 17, 2012, regarding the verdict issued by the Court of First Instance in case No. 6375/2012, we would like to inform that the verdict had been issued in favor of KFH and the sum in dispute was KD 35,237,430.

We would like to emphasize that the company is currently working on the resumption of the judgment, as stated in our previous lawsuit in this regard, and it will provide management of the market with all developments in this regard.

The Kuwait Stock Exchange Company announces according to the provisions of subsection (iii) of the instructions of the Capital Markets Commission (e.A .M/s T./A../2012) on disclosure of material information and mechanism advertised the United Industries Company is taking the necessary legal procedures for the liquidation of a number of subsidiary companies for failing to abide by the prevailing economic conditions and laws governing the trade, as per the instructions issued by the Ministry of Commerce and Industry so.

However, it will not have a signifi- cant effect on the consolidated balance sheet of the company.

The Kuwait Stock Exchange Company announces that the Mowasat Social Health Care has formed a new Board of Directors as follows: Adnan Mohammed Abdulaziz Al-Wazzan, Chairman; Saad Abdulaziz Ali Al-Wazzan, VicePresident; Salah Mohammed Al Wazzan Alabdaziz, Member; Jassim Mohammed Hussein Almiaan, member; Tarek Fahd Al Saud, member. As reported Sulaiman Hussein Salman Baksama has been appointed CEO of the company.

The Kuwait Stock Exchange announces that the Kuwait Finance House (KFH) has clarified that referring to the instructions issued by the Capital Markets Authority (CMA) on the disclosure of material information.

“We would like to report with reference to the market clarification publication advertisements on Judgment No. 6375/2012 dated 12/13/2012 the CMA has been obliged to pay KFH KD 35,237,430. This news already relayed to KFH on 18.12.2012 and the Kuwait Finance House will take executive action to collect these debts.

The Kuwait Stock Exchange announces that as reported the United Real Estate Company (United) with reference to the provisions of sub-section (third paragraph 3) of the instructions of capital markets number (e. A. M / s. T / a. / M 2 / 2012) on the disclosure of material information and mechanism advertised, the United Real Estate Company has contracted with KIPCO Asset Management Company to buy real estate stakes valued at KD 4,146,001 (Kuwaiti dinars four million one hundred and forty-six thousand and one) and the details are as follows:

Real estate shares in the United Arab Emirates KD 3,321,550; Real estate shares in the Kingdom of Bahrain KD 234,859 and real estate shares in the United Kingdom KD 589,592.