Mubasher: Amman Stock Exchange’s (ASE) third market is set to be cancelled on Sunday, 16 April 2017, according to the 29th article of the directives for listing securities on ASE  for the year 2016, the bourse's CEO Nader Azar said.

Six companies will be transferred to the secondary market, while 26 others will be delisted from the ASE and transferred to the unlisted securities market (OTC) as they neither fulfilled the listing conditions nor provided their  financial results for 2016 on time, Azar added in a statement published on the ASE's official website.

Companies scheduled to be transferred to the secondary market are Arab Union International Insurance, Specialized Investment Compounds, The Consultant and Investment Group, Al Faris National Company for Investment and Export, Shira Real Estate Development and Investment, and El Zay Ready Wear Manufacturing.

The other 26 firms, to be delisted, include Jordan Emirates Insurance, The Arab Assurers Insurance, Darkom Investment, Al Rou'ya for Investment, Arab Center for Pharmaceutical and Chemicals, Investments and Integrated Industries, Amwal Invest, Winter Valley Tourism Investment, Model Restaurants, and The Holy Land Insurance, among others

Share prices to be transferred to the OTC market will be free floated, Azar noted.

Companies listed on the third market must accommodate their status before the cancellation date, based on the company’s audited annual financial statements for the fiscal year 2016, the ASE's directives for listing securities for 2016 instructed.