ADX seeks Saudi exposure details, warns of suspension

Abu Dhabi Securities Market (ADX) yesterday warned listed banks that it will suspend trading in their shares with immediate effect unless they furnish details regarding actions taken on their exposures to the two troubled Saudi groups or give a date for doing so, before trading commences today.

A few banks such as RakBank and United Arab Bank (UAB) yesterday responded by stating that they do not have any exposure to Saad and Algosaibi groups.

ADX sent out two letters to banks yesterday. The first, dated September 29, 2009, and signed by Khalid Khalfan Al Suwaidi, head of Listed Companies Department at ADX, was a tougher one and demanded details of exposures and provisions before trading commences today.