DFM Suspends Trading In Al Mazaya

Update: The Kuwaiti developer’s shares have now resumed trading on Dubai Financial Market.

Kuwait-based property developer Al Mazaya Holding announced on March 31 that it recorded gross profits of $99.4 million and other income of $1.9 million in 2011. Provisions during the year totaled $142.9 million and the company saw a net loss of $57.2 million, it said in a statement.

But trading on its shares has been suspended on Dubai Financial Market (DFM). The Dubai bourse said in a statement on Sunday that it had suspended trading on the shares of six firms because they did not disclose their full and audited financial statements in time. Listed firms have a deadline of three months from the end of the financial year to release their results.

Although Al Mazaya had released annual results, they were not adequate, said DFM.

“The company only disclosed preliminary results not the full financial statements,” a spokesperson from the bourse said. “Trading resumption is upon submitting the full financials.”

The other suspended companies include International Financial Advisors, Almadina for Finance and Investment Company, United Kaipara Dairies, National Industries Group Holding and National Real Estate.

However, the UAE listed companies on the bourse showed 97.6 per cent compliance to disclose results in time, said DFM. Forty-two out of the 43 UAE public joint stock companies revealed their annual results by the end of March 2012, with the exception of Amlak Finance “due to procedural reasons,” the bourse said in the statement.

Update: DFM announced on Monday that trading in Al Mazaya Holding had resumed on the bourse after it submitted its full financial statement for 2011.