Kuwait suspends 31 firms from bourse

Trading in shares suspended after companies failed to report first quarter results on time
Kuwait suspends 31 firms from bourse
Kuwait Stock Exchange
By Shane McGinley
Thu 17 May 2012 11:36 AM

The Kuwait Stock Exchange (KSE) suspended trading on 31 listed companies on Wednesday after they failed to report their first quarter financial results on time.

A KSA statement said the companies had been handed a deadline of 45 days to report their first quarter results and some had already been suspended for failing to reveal previous quarterly results.

The majority of the suspended firms where in the investment sector, KUNA reported.

The third largest bourse in the Gulf, Kuwait lists 220 firms and has a capitalisation of around US$105bn.

In March, KSE threatened to suspend trading in shares of 67 listed companies if they failed to submit their full-year financial reports by April 1.

On a statement posted on its website, KSE said that 44 of the 67 firms, which include Gulf Investment House, Kuwait Investment Co, and International Financial Advisor, had not yet set a date for board meetings to discuss financial results.

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