DUBAI, 23rd June, 2023 (WAM) — In compliance with listing rules and the approval of the Securities and Commodities Authority (SCA), the Dubai Financial Market (DFM) announced the delisting of Gulf General Investments Company’s shares (PJSC) ISIN code (AEG000301016) from the market, effective from the end of the trading session on Friday, 3rd June, 2023. A market notification issued today 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. The shares will remain in each investor’s account with the Dubai Central Securities Depository LLC (Dubai CSD), and the shares will be prohibited from trading. The DFM also announced the delisting of Arabtec Holding Company’s shares (PJSC), ISIN code (AEA001501013), and Marka Company’s shares (PJSC), ISIN code (AEM000401012), from the market, effective from the end of the trading session on Friday, 23rd June 2023. 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. In this regard, it is worth noting the decision of the Dubai Court, dated 16th June, 2021, regarding accepting the application to open bankruptcy procedures for ARTC and its subsidiaries, and the Dubai Courts of First Instance decision, dated 10th October, 2021, declaring the bankruptcy of MARKA and liquidating 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.

Source: Emirates News Agency (WAM)