Market Announces Delisting of 3 Companies
After obtaining approval from the Securities and Commodities Authority, Dubai Financial Market revealed the delisting of 3 companies on Friday, June 23, 2023. The Gulf General Investment Company, with the identification code “AEG000301016,” will be delisted from the market at the end of today’s trading session. According to the market’s statement, the company’s delisting is based on Article 13.1(A)(3) of the market’s listing rules and related laws, which allow for delisting of any securities that have been suspended from trading for a period of six or more months. We will now present all the details related to this subject, so stay tuned.
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Delisting of 3 Companies’ Shares
Dubai Financial Market also announced the delisting of Arabtec Holding (PJSC) shares with the identification code “AEA001501013,” as well as Marka (PJSC) shares with the identification code “AEM000401012,” at the end of today’s trading session.
The delisting of these two companies is based on Article 2.7(D)(1) of the market’s listing rules and related laws, which enable the market to delist the shares of any local company when a decision is made to dissolve or liquidate the company.
Dubai Court Decision
The statement referred to a Dubai Court decision issued on June 16, 2021, which accepted the request to initiate bankruptcy proceedings for Arabtec Holding and its subsidiaries. It also mentioned a Dubai Primary Court decision on October 10, 2021, which declared bankruptcy for Marka and liquidation of all its assets and subsidiaries.
قرر سوق دبي المالي إلغاء إدراج 3 شركات في 23 يونيو 2023، وهي شركة الخليجية للاستثمارات العامة، شركة أرابتك القابضة، وشركة ماركة. تم إلغاء إدراج الشركات استنادًا للمادة رقم 13.1(أ) (3) من قواعد الإدراج الصادرة عن السوق والقوانين ذات العلاقة، وذلك بسبب استمرار وقف التداول على أسهمهما لمدة تزيد على 6 أشهر. جاء هذا القرار بناءً على قرار محكمة دبي باتخاذ إجراءات الإفلاس لشركة أرابتك القابضة وشركة ماركة وتصفية كافة أموالها.
