DFM delists shares of Gulf General Investments, Arabtec and Marka

The shares will remain in each investor's account with the Dubai Central Securities Depository, authority says

Dubai Financial Market said it delisted three companies for failing to meet its rules. Pawan Singh / The National

Dubai Financial Market on Friday announced the delisting of shares in three companies.

The decisions are in line with Dubai Financial Market listing rules and have the approval of the Securities and Commodities Authority, the authority said.

The DFM said it delisted Gulf General Investments Company shares from the market, effective from the end of the trading session on Friday.

The delisting is in accordance with Article 1.13 (a) (iii) of the listing rules issued by the DFM and related laws, which empowers the market to delist any security that has been suspended from trading for a duration of six months or more, the bourse said.

The shares will remain in each investor's account with the Dubai Central Securities Depository (Dubai CSD), and the shares will be prohibited from trading.

The bourse also announced the delisting of Arabtec Holding Company’s and Marka Company’s shares from the market, on the same day.

The delisting of the two companies is in accordance with Article 2.7 (d) (i) of the listing rules issued by the DFM and related laws.

It empowers the market to delist the shares of any local company “if a decision is taken to dissolve or liquidated the local company, or if it is dissolved or liquidated in any other way”, DFM said.

“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 [Arabtec] 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 added.

DFM said the shares will remain in each investor's account with the Dubai CSD until receiving an official letter from the courts that the liquidation process has been completed.