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The Kuwait Capital Markets Authority (KMA) has decided to cancel the listing of the shares of Delgan Real Estate Company, which is engaged in investment and real estate services, for not meeting requirements related to its financial statements and transactions, according to a statement published by the Authority on the Stock Exchange website on Thursday.
The decision was issued on Wednesday, after the company’s stock remained suspended since last May, and did not meet the requirements despite being granted a deadline to submit documents and correct material errors in its financial statements, and warned of the cancellation of the listing in the event of non-compliance.
Company in two lines
(According to the market data and the company’s website)
Delgan Real Estate was established in April 2003, and has been listed on the Kuwait Stock Exchange since October 2008.
Its activities include investment and dealing with real estate in Kuwait mainly, contracting, real estate management and maintenance.
What's behind the decision?
(According to the statement)
The company did not provide the required documents regarding the sale of investment properties in Salmiya, and details of transactions and bank transfers with relevant parties, within the deadlines granted.
The Authority called on the company to address material errors in the financial statements for the first quarter, the first half and the nine months of 2025, including cash, equivalent cash and rental income + disclosure of transactions with the relevant parties.
The requirements included the submission of audited financial statements for 2025 and any subsequent data, no later than August 16, 2026.
In August, the Attorney General issued a decision to temporarily suspend the members of the Board of Directors, the CEO and the Chief Financial Officer from practicing the profession, until the end of the investigations into the case of the Capital Market Prosecution.
The Authority has initiated legal proceedings against the company for not responding to the instructions to disclose the suspension decision.
The company has three months to invite the shareholders to a meeting of the General Assembly to discuss the decision to write off and the conditions of the company and the plan to deal with it. Because the members of the Board of Directors have ceased to exercise their functions, the Ministry of Commerce and Industry is in charge of advocacy procedures if the Board is unable to carry out.
After write-off, the company’s shares move to the unlisted securities trading system, within five a
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