The Kuwait Capital Markets Authority (CMA) has announced the cancellation of the listing of Aleid Foods Company (K.S.C.P.) on Boursa Kuwait, citing investor protection concerns following supervisory review work that identified significant inaccuracies in the company’s disclosed financial statements and misleading information provided to the CMA. Trading in the shares had been suspended from 15 October 2025 while the CMA reviewed the company’s financial position. The CMA reported that most balances in the company’s disclosed financial statements were incorrect, with key issues affecting receivables, other receivables, inventory and intangible assets, as well as the accuracy and integrity of revenues in the consolidated profit and loss statement. It also cited a failure to disclose related-party transactions to the financial statements, the general assembly and the external auditor, and noted that its review of the year ended 31 December 2024 was affected by misleading and contradictory statements and information. The delisting is set to take effect on the next working day after the general assembly date, or once the general assembly is convened under the listing rules, whichever occurs sooner, with the general assembly expected to discuss the cancellation, the company’s status and the board’s plan to address the issues. Board members may face disciplinary action if the general assembly is not held within three months of the cancellation decision, and the company must provide the CMA and the stock exchange with approved minutes of the meeting within two weeks. The CMA also stated it has referred the company to competent legal and regulatory authorities in the United Arab Emirates in relation to the cited violations.

Original source View in tracker