Informed sources told Al-Jarida that 88 unlisted companies were selected and traded in the OTC, which was set up by the Capital Market Authority on 18 January.
The sources pointed out that the list of companies whose shares will be traded through the unlisted stock platform included some 23 companies that were delisted as a result of non-compliance with the instructions of the Capital Markets Authority and its law No. 7 of 2010, and the other optionally withdrew from the Kuwait Stock Exchange, noting that this market aims at pricing In a fair and transparent manner, rather than trading in the GATT, which is a primary platform for listing companies, whether family, government or private, in which the trading of companies will be replaced by the system of bonsat to the automated supply and demand system, Actors, whether slavery Or related to the transactions.
The Kuwait Stock Exchange (KSE) has adopted the classification of unlisted companies, which will be traded on the OTC market, on the number of shareholders who own a share in the company's share capital. The companies with more than 50 shareholders will be traded Through two options on the Kuwait Stock Exchange decided by the same company; the first allows all restricted companies to conduct trading through the system of special deals, ie transactions agreed between the parties, the second option will be limited to companies with fewer than 50 contributors, Deals Cross-platform selling and buying orders on the market.
The sources explained that the stock exchange company obtained official approvals from the boards of these companies to trade their shares through the unlisted stock platform, where it was notified of the desire to adhere to the system of trading, pointing out that the current list of 88 companies, adding that other companies in the case Meet standards, and desire to trade across this market later.
The system of trading securities not listed is a new system in which all trading procedures, which would result in profits and losses, and the transfer of property is carried out through licensed brokerage offices subject to the rules of the system of trading securities not listed, Its investment decision and the risks resulting from it, and to ensure the soundness of the financial and legal situation of the company that is trading on its shares, indicating that the system in the past was characterized by shortcomings and lack of transparency, as traders have been concerned about the seriousness of the buying and selling and the reality of the agreed price, By collecting the amounts resulting from the sale and purchase.
The sources pointed out that the companies, which will not register their records with the Kuwait Clearing Company, will not be allowed to trade their shares in the new or old system, indicating that the Kuwait Clearing Company has confirmed to the Ministry of Commerce and Industry to require all joint stock companies to transfer their records with the Kuwait Clearing Company To launch the unlisted stock market.
The electronic trading platform for unlisted securities will be a starting point for trading bonds and sukuks in a transparent and free manner. This will maintain trading at a fair price, which will reassure and encourage investors to move towards dealing with them within the regulatory framework of this market.