Dubai Financial Market (DFM) has delisted the shares of three companies listed on the exchange.
In compliance with listing rules and the approval of the Securities and Commodities Authority (SCA), DFM announced the delisting of Gulf General Investments Company’s shares from the market, effective from the end of the trading session on Friday, June 3.
A market notification said the delisting is in accordance with Article 1.13 (a) (iii) of the DFM listing rules and related laws, which empowers the market to delist any security that has been suspended from trading for a duration of six months or more.
Dubai Financial Market delists shares
The shares will remain in each investor’s account with the Dubai Central Securities Depository, and the shares will be prohibited from trading.
The DFM also announced the delisting of Arabtec Holding Company and Marka Company shares, from the market, effective from the end of the trading session on Friday.
The delisting of two companies is in accordance with article 2.7 (d) (i) of the DFM listing rules and related laws, which empowers the market to delist the shares of any local company if a decision is taken to dissolve or liquidated the local company, or if it is dissolved or liquidated in any other way.
The Dubai Court, accepted the application to open bankruptcy procedures for ARTC and its subsidiaries, and the Dubai Courts of First Instance declared the bankruptcy of MARKA and liquidated its funds, including its subsidiaries.
The notification explained that the shares will remain in each investor’s account with the Dubai-CSD until receiving official letter from the courts that the liquidation process has been completed.
The shareholders can contact the SCA regarding developments in the liquidation of companies and with the Dubai CSD regarding inquiries about registered shares.
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