Dubai Financial Market (DFM) has made the decision to delist the shares of three companies in accordance with its listing rules and with the approval of the Securities and Commodities Authority.
Following Article 1.13 (a) (iii) of the DFM’s listing rules, the Dubai Financial Market delisted the shares of Gulf General Investments Company effective from the end of Friday’s trading session. This rule allows for the delisting of securities that have been suspended from trading for six months or more.
Although the shares will remain in investors’ Dubai Central Securities Depository (Dubai CSD) accounts, they will no longer be tradable.
In addition, the Dubai Financial Market delisted the shares of Arabtec Holding Company and Marka Company on the same day, based on Article 2.7 (d) (i) of the DFM’s listing rules.
DFM said that it empowers the market to delist the shares of any local company, if a decision is taken to dissolve or liquidate 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 June 16, 2021, regarding accepting the application to open bankruptcy procedures for ARTC [Arabtec] and its subsidiaries, and the Dubai Courts of First Instance decision dated October 10, 2021 declaring the bankruptcy of Marka and liquidating its funds, including its subsidiaries,” it added.
The shares of these two companies will also remain in investors’ Dubai CSD accounts until an official letter from the courts confirms the completion of the liquidation process.
