Reuters logo
CORRECTED-GIH faces Kuwait shares suspension if misses AGM deadline - watchdog
May 6, 2014 / 8:27 AM / 3 years ago

CORRECTED-GIH faces Kuwait shares suspension if misses AGM deadline - watchdog

(Corrects to Gulf Investment House from Gulf Finance House throughout, removes reference to Bahrain and background on GFH)

KUWAIT, May 6 (Reuters) - 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 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. (Reporting by Sylvia Westall in Kuwait and Bernardo Vizcaino in Sydney; editing by Yara Bayoumy and Tom Pfeiffer)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below