Nasdaq Dubai delists Investment Dar Sukuk

Investment Dar's Islamic bonds removed due to lack of disclosure

Investment Dar had its Islamic bonds delisted from Nasdaq Dubai because the Kuwait-based owner of half of Aston Martin Lagonda Ltd. didn’t comply with the regulator’s disclosure requirements.

“The delisting of TID Global Sukuk 1 Ltd. from the official list is due to the failure of the TID Global Sukuk 1 Ltd., the Investment Dar Co., to comply with its continuous disclosure obligations under the Markets Law 2004 and Offered Securities Rules,” according to a statement on the Nasdaq Dubai website today.

Investment Dar said in October it completed a debt restructuring and will pay sukuk holders between June 30, 2013 and June 30, 2017. The company was forced to restructure about KWD1.37bn (US$5bn) after missing a payment on an Islamic bond in May 2009.

The shares of Investment Dar were delisted from the Kuwait Stock Exchange by the country’s Capital Markets Authority last month. The company said February 18 it wasn’t “informed in advance” of the reasons, even after it had “fulfilled all filing requirements and submitted some weeks earlier all the relevant information” to the regulators.

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