Shares in in 10 companies were suspended from trading on Wednesday by the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), following their failure to submit financial statements on time.
Abu Dhabi National Energy Company, known as Taqa, was the most prominent of the companies listed in Abu Dhabi to have their shares suspended from trading for failing to submit preliminary financial results within 45 days of the end of the preceding financial period.
Seven of the companies concerned have their primary listings outside of the UAE.
Taqa referred questions on the matter to the ADX. The company is scheduled to announce its annual results on March 22, according to its website.
Shares in National Takaful (Watania), Ooredoo and Axa Green Crescent Insurance were also suspended by ADX. Watania and Axa Green Crescent are headquartered within Abu Dhabi while Ooredoo’s primary listing is in Qatar.
The DFM suspended trading in shares of Al Salam Group Holding, Agility, Almadina for Finance and Investment, National International Holding, Hits Telecom, and Ekttitab Holding.
All six companies have their primary listings in Kuwait, where firms are required to file financial statements within three months.
The DFM also suspended trading in shares of Al Salam Bank, following a similar move taken by the company’s home bourse in Bahrain pending clarification of its issued financial results.
jeverington@thenational.ae
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