By: Ahmad Awad

Kuwait-Mubasher: Kuwait’s Capital Markets Authority (CMA) took a disciplinary measure against Al-Madina for Finance and Investment, which suspends the company from administering new investment portfolios and from establishing or managing unit trusts for six months.

The CMA clarified that this penalty is consequent to a step taken by the company to transfer ownership of 60 million shares of Hits Telecom Holding within client portfolios, which comes against Kuwait Stock Exchange’s policy.

Al-Madina owns 29.22% of Hits Telecom’s capital which stands at KWD 87 million.