Mubasher: The shareholders of Kuwait Cable Vision issued, during the recent ordinary general meeting (OGM), a resolution to voluntarily withdraw from Boursa Kuwait.
The company said that the withdrawal was unanimously approved as the company’s accumulated losses reached approximately 73% of the capital.
The decision was further confirmed due to the high membership fees at Boursa Kuwait, according to a recent disclosure.
This comes along with a decline in liquidity, trading volume and market cap, in addition to lower growth opportunities and the absence of the reasons granting the listing licences to protect the rights of shareholders.
It is noteworthy to mention that on 19 December, Bourse Kuwait announced the suspension of trading on several stocks, including Kuwait Cable Vision, for not paying the annual subscription fees for the year 2019.
During the first nine months of 2019, Kuwait Cable Vision posted a decline of 53.5% in losses to about KWD 32,370 from nearly KWD 69,650 in the corresponding period in 2018.