Abu Dhabi – Mubasher: Gulf Cement Company on Monday said it has sent a request to the Kuwait Clearing Company for an exemption from the maximum and minimum trading limits on Boursa Kuwait.

The company cited that it was officially listed on Boursa Kuwait in 1990 and should, therefore, be exempted from the rule issued in 2010, which stipulates that new listings should have a maximum of 40% of shares traded on the bourse, according to a statement.

Gulf Cement Company currently has 60% of its shares traded on Boursa Kuwait and notes that the majority of its investors are Kuwaiti citizens and investors.

The current decision by the Kuwaiti Capital Market Authority (CMA) and the Kuwait Clearing Company will result in the suspension of trades on Gulf Cement Company’s shares, the company added in bourse filings.

“Since [the] Kuwait Clearing Company has requested that no shares be transferred to it, Gulf Cement Company will not be able to execute any transfer request to Boursa Kuwait until the final response from [the Kuwait Clearing Company is] received,” the Abu Dhabi and Kuwait-listed cement firm highlighted.

It added that updates will be published upon receipt.