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GIH Faces Kuwait Shares Suspension If It Misses AGM Deadline – Watchdog

GIH Faces Kuwait Shares Suspension If It Misses AGM Deadline – Watchdog

Ultimatum a sign of the Capital Markets Authority (CMA) tightening its oversight on corporate disclosure norms in the Gulf State’s financial sector.

Kuwait’s financial regulator has given investment firm Gulf Investment House until Sunday to hold its annual general meeting (AGM) and approve 2013 results or face a suspension of its Kuwait-listed shares.

The watchdog, the Capital Markets Authority (CMA), has been tightening oversight on corporate disclosure as it attempts to promote investor confidence in the Gulf state’s financial sector.

A Reuters survey of a dozen international fund managers this year found they ranked Kuwait lowest among five big Middle Eastern markets for corporate disclosure.

The CMA has asked the stock market to suspend Gulf Investment House’s (GIH) shares if it fails to meet the deadline, a Monday filing on Kuwait’s stock exchange showed.

Under Kuwaiti regulations, companies must approve their annual results at an AGM within 45 days of reporting them.

 

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