By: Ahmad Awad

Kuwait-Mubasher: The ordinary general meeting (OGM) of Ikarus Petroleum Industries agreed Tuesday to voluntarily withdraw from the Kuwait Stock Exchange (KSE).

The delisting decision was based on the stock’s weak trading activity and market value which decreased by half against the book value, said CEO Suhail Bo Qrais.

The governance rules, which will be applied by the Capital Markets Authority (CMA) will add financial burden to the company, costing it about KWD 300,000 annually, amid unstable oil industry, the CEO added.

Ikarus’s shareholders agreed on withholding dividends for the fiscal year 2015.

On KSE, Ikarus stock settled at 44 fils, half an hour before closing Tuesday’s session, after about 446,820 shares were exchanged with a value of nearly KWD 19,660.