DFM delists shares of three companies
Shareholders will retain their shares in the Dubai Central Securities Depository
Dubai: The Dubai Financial Market (DFM) has announced the delisting of Gulf General Investments Company’s shares, Arabtec Holding Company’s shares, and Marka Company’s shares in compliance with listing rules and approval from the Securities and Commodities Authority (SCA).
Effective from the end of the trading session on June 3, 2023, Gulf General Investments Company’s shares will be delisted due to trading suspension for a duration of six months or more. Similarly, Arabtec Holding Company’s shares and Marka Company’s shares will be delisted from the market on June 23, 2023, as a result of their dissolution, liquidation, or bankruptcy.
Shareholders will retain their shares in the Dubai Central Securities Depository until the completion of the liquidation process, and will be prohibited from trading.
“In this regard, it is worth noting the decision of the Dubai Court, dated June 16, 2021, regarding accepting the application to open bankruptcy procedures for ARTC and its subsidiaries, and the Dubai Courts of First Instance decision, dated October 10, 2021, declaring the bankruptcy of MARKA and liquidating its funds, including its subsidiaries,” it was said. “The notification explained that the shares will remain in each investor’s account with the Dubai-CSD until receiving official letter from the courts that the liquidation process has been completed.”
The shareholders can contact the SCA regarding developments in the liquidation of companies and with the Dubai CSD regarding inquiries about registered shares.