Kuwait Markets Authority Delists Nine Companies, Qabas Reports

Kuwait’s Capital Markets Authority delisted the shares of nine companies after they failed to correct their status on time, Al-Qabas reported, citing a letter by the authority to the stock exchange.

The companies include Investment Dar Co. (TID), which altered the terms of $5 billion of loans after defaulting in 2009; International Investment Group KSCC (IIG), which missed periodic payments on a $200 million Islamic bond in 2010; and Kuwait National Airlines, which was halted in March last year, the newspaper reported.

Other delisted companies include Safat Global Holding Co., Villa Moda Lifestyle, International Leasing & Investment Co., Network Holding Co., Gulfinvest International Co. and Al-Abraj Holding Co., according to Al-Qabas.

The regulator also gave nine companies until March 31 to “rectify their conditions” or face delisting. These companies include Aref Investment Group (AIG), Kuwait Finance & Investment Co., Aayan Leasing & Investment Co. and Securities Group Co., Al- Qabas said