The Dubai Financial Market halted trading of eight stocks yesterday due to failure to report earnings for the fourth quarter of 2008. Arab Emirates Investment Bank was the only local listing to be suspended from trading for missing the deadline to report earnings. The other seven suspended shares are Kuwaiti firms in light of a similar suspension in their main market.
“The DFM listing department was keen to send reminders to some companies in order to comply with the deadline and get full disclosure in the financial reporting,” said Fahima al Bastaki, senior vice president and market development division director at the DFM. [CK] “Our reminders were clear about the need to receive comprehensive disclosures that comply with [the Securities and Commodities Authority’s] requirements.”
By the end of March 2009, the total number of UAE public joint stock companies listed on the DFM that disclosed their annual results stood at 40 companies out of 41, “with the exception of Amlak Finance, Tamweel and Drake & Scull for procedural reasons.”
Publicly listed firms had 90 days from the end of the fiscal year to report earnings.
The foreign firms listed on the DFM that failed to report earnings are some of the largest financial services firms in Kuwait, including Global Investment House and Kuwait Finance and Investment Company. The other firms are International Investment Group, Al Madina for Finance and Investment, Gulf Petroleum Investments, Grand Real Estate Projects Co, International Financial Advisors and International Investment Group.END
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