Kuwait bourse suspends trading in 19 more firms

Stock exchange chiefs say action taken against companies who fail to report earnings on time
By Reuters
Sun 01 Apr 2012 06:45 PM

Kuwait's stock exchange said it had suspended trading in the shares of 19 more companies on Sunday after they failed to report earnings on time.

The companies - several involved in real estate - join 12 other firms which were suspended earlier this year.

The new companies on the list included investment group Al-Ahlia Holding and International Financial Advisors .

The list, which now totals 31 companies, already included Investment Dar, which brought half of luxury British carmaker Aston Martin for £479m ($751.7mn) in 2007 and International Investment Group, which defaulted on a $200mn Islamic bond in April 2010.

Global Investment House, whose largest shareholders are the governments of Kuwait and Dubai, was also on the list, according to a statement on the Kuwait stock exchange website.

Kuwait's markets watchdog warned several companies last month that they would be delisted.

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