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MARAKEZ NEWS
A statement of the Board of Directors of the Real Estate Trade Centers Company
regarding the re-trade of the company’s shares on the Kuwait Stock Exchange
The Capital Markets Authority Board of Commissioners issued a decision on April 19, 2020 to re-trade the shares of Real Estate Trade Centers Company on the Kuwait Stock Exchange, which came after the Authority had previously decided to stop trading the shares on February 19, 2020.
The decision to re-trade the shares came after the management of the Real Estate Trade Centers Company intensified its work to provide the regulatory authority with documents related to its projects and investments in the State of Kuwait and the Syrian Arab Republic.
Real Estate Trade Centers Company previously explained to the Capital Markets Authority that the requirements concerning the Syrian Arab Republic will take a period of time not short due to the conditions there, according to letters and e-mail messages issued by the company to the Authority, but the latter decided to stop trading the shares until the company provide it with the requirements.
It is Worth mentioning that the company provided the authority with evidence of its ownership of the (Equestrian Academy) project in Sabhan area in the State of Kuwait and the market value of this project according to what is included in the financial statements of the company, as well as its ownership of lands in the Sasa’a area in Damascus countryside in the Syrian Arab Republic, whose total area is 619981 m2 which reflects a recent evaluation Issued by an accredited real estate appraiser in the Syrian Arab Republic that the market value of those lands is equivalent to eighteen billion, one hundred and twenty one million and three hundred thousand Syrian pounds – equivalent to 12581619 Kuwaiti dinars – as well as the ownership of the Real Estate Trade Centers Company shares in your company Intrados Tourism Development has ten million and three hundred thousand shares, the value of which is estimated at eight billion, seven hundred and eighty three million and four hundred thousand Syrian pounds – equivalent to 6098315 Kuwaiti dinars – according to what is between the financial statements of the company.
The company’s board of directors explains to the shareholders that during the previous period did its best to restore the shares for circulation, as the company allocated a working team from its board of directors and its employees to re-trade the shares, bearing in mind the interest of the company and the shareholders in the first place until these efforts were successful with a promise Continuously exerting more effort and giving in a way that benefits the company and its shareholders.
Board of Directors
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A statement by the Board of Directors of the Real Estate Trade Centers Company
To the Kuwait Stock Exchange Company and gentlemen shareholders of the company
On the decision of the Capital Markets Authority to stop trading the stock
The Board of Directors of the Real Estate Trade Centers Company met today, Wednesday, 11 March 2020, to discuss the implications of the decision of the Board of Commissioners of the Capital Markets Authority issued on 19/2/2020 to stop trading the shares of the Real Estate Trade Centers Company for a period of five working days and until the company meets the requirements of the Authority, by publishing This decision is made through the screens of the Kuwait Stock Exchange Company, on the authority’s statement that the company has not provided it with some documents and papers.
As the company’s meeting resulted in the issuance of a statement explaining to everyone the reasons for the suspension and what the company took on it before or after the suspension.
It is in this regard that the Real Estate Trade Centers Company explains to all that the requirements of the commission were to request documents and papers pertaining to the company’s assets and projects in the Syrian Arab Republic, and it is known to all the security conditions there that make communication with the partners and the extraction of any government papers and documents that take a period of time not easy, and since The Authority’s request for these papers and before the suspension of the decision was issued, and the company is striving to extract documents confirming the company’s ownership of the assets and projects in the Syrian Arab Republic and the market value of these assets, which we have been briefing the authority on first hand, according to the e-mail messages Chromatic.
Despite the above, the company intensified its contacts with the partners in the Syrian Arab Republic, and the company provided the authority with most of the required documents and completed the other, according to three emails on February 24, 2020, but the authority did not move a finger despite the attempts to communicate with them, so the company was strengthened by a book In the general register of the authority on the first date of March 2020, attach some required documents and pledge to provide them with the rest of the requirements, and in light of this book the authority requested some clarifications and inquiries and we provided it with a letter dated 3 March 2020 with more documents To answer her inquiries.
The Authority’s position on stopping the trading of the share continued despite fulfilling some requirements and pledging to complete the rest. On 3/3/2020 the company deposited a letter in the public register asking the Authority to cancel the suspension decision and address the Kuwait Stock Exchange company in this regard to re-trade the stock, so the authority did not move.
We sent a letter to the Chairman of the Commission’s Board of Commissioners on 3/3/2020 requesting his intervention because we felt that the Authority’s departments ignored the company’s books and correspondence and documents indicating that the company fulfills most of the requirements of the regulatory authority and pledged to provide them with the rest of the requirements according to what was mentioned in our books referred to.
As the company has always been seeking to support bridges of cooperation and good relationship with all relevant authorities as a basic approach in the company’s transactional approach based on transparency, however, to preserve the rights, the company submitted a grievance to the Grievance Committee at the Capital Markets Authority, registration No. 1 of 2020 dated 3/10 / 2020, grieving the Authority’s decision to refrain from issuing its decision to re-trade the stock and address the Kuwait Stock Exchange Company accordingly.
It is clear that, in light of the foregoing, it is clear to everyone that the company did not falter and spared no effort to return matters to their course, especially since the reasons for the suspension decision were removed by the company providing the required documents that the company was seeking to provide before the suspension decision was issued and what the company made for itself Whoever pledges to supply the commission with the rest of the documents until they come from the Syrian Arab Republic, and what we have shown of a proposal, and if the commission wants to send a work team to the Syrian Arab Republic to review the documents and papers and inspect the assets and projects on the ground, and the company’s commitment in this regard to secure expenses and select The machines and resuscitation of the work team regarding their verification of the correctness of the company’s assets and access to the official documents indicating this with the government agencies in the Syrian Arab Republic, as an indication of the transparency of the company and its eagerness to complete cooperation with the commission, but we did not receive any response to this proposal.
The company is keen on the necessity of placing the interest of shareholders in the first place and this is what we have indicated to the authority that we will not accept bidding on this matter in the interest of shareholders in the first place, because of the consequence of the decision to suspend harm to them, since the company and since the listing of its shares in the Kuwait Stock Exchange Company and its registration with the Capital Markets Authority It has taken upon itself to abide by the provisions of the law and regulations, and there have been no violations registered against it, as it places the interest of shareholders above all considerations.
Accordingly, the company’s board of directors issues this statement to clarify all the measures it took regarding the decision to suspend the circulation of the stock, through which it appeals to the commission to cancel the suspension decision and return the stock to circulation, and the board of directors will follow up and complete the requirements as promised and by issuing more data successively in light of developments. .
Board of Directors
As the company’s meeting resulted in the issuance of a statement explaining to everyone the reasons for the suspension and what the company took on it before or after the suspension.
It is in this regard that the Real Estate Trade Centers Company explains to all that the requirements of the commission were to request documents and papers pertaining to the company’s assets and projects in the Syrian Arab Republic, and it is known to all the security conditions there that make communication with the partners and the extraction of any government papers and documents that take a period of time not easy, and since The Authority’s request for these papers and before the suspension of the decision was issued, and the company is striving to extract documents confirming the company’s ownership of the assets and projects in the Syrian Arab Republic and the market value of these assets, which we have been briefing the authority on first hand, according to the e-mail messages Chromatic.
Despite the above, the company intensified its contacts with the partners in the Syrian Arab Republic, and the company provided the authority with most of the required documents and completed the other, according to three emails on February 24, 2020, but the authority did not move a finger despite the attempts to communicate with them, so the company was strengthened by a book In the general register of the authority on the first date of March 2020, attach some required documents and pledge to provide them with the rest of the requirements, and in light of this book the authority requested some clarifications and inquiries and we provided it with a letter dated 3 March 2020 with more documents To answer her inquiries.
The Authority’s position on stopping the trading of the share continued despite fulfilling some requirements and pledging to complete the rest. On 3/3/2020 the company deposited a letter in the public register asking the Authority to cancel the suspension decision and address the Kuwait Stock Exchange company in this regard to re-trade the stock, so the authority did not move.
We sent a letter to the Chairman of the Commission’s Board of Commissioners on 3/3/2020 requesting his intervention because we felt that the Authority’s departments ignored the company’s books and correspondence and documents indicating that the company fulfills most of the requirements of the regulatory authority and pledged to provide them with the rest of the requirements according to what was mentioned in our books referred to.
As the company has always been seeking to support bridges of cooperation and good relationship with all relevant authorities as a basic approach in the company’s transactional approach based on transparency, however, to preserve the rights, the company submitted a grievance to the Grievance Committee at the Capital Markets Authority, registration No. 1 of 2020 dated 3/10 / 2020, grieving the Authority’s decision to refrain from issuing its decision to re-trade the stock and address the Kuwait Stock Exchange Company accordingly.
It is clear that, in light of the foregoing, it is clear to everyone that the company did not falter and spared no effort to return matters to their course, especially since the reasons for the suspension decision were removed by the company providing the required documents that the company was seeking to provide before the suspension decision was issued and what the company made for itself Whoever pledges to supply the commission with the rest of the documents until they come from the Syrian Arab Republic, and what we have shown of a proposal, and if the commission wants to send a work team to the Syrian Arab Republic to review the documents and papers and inspect the assets and projects on the ground, and the company’s commitment in this regard to secure expenses and select The machines and resuscitation of the work team regarding their verification of the correctness of the company’s assets and access to the official documents indicating this with the government agencies in the Syrian Arab Republic, as an indication of the transparency of the company and its eagerness to complete cooperation with the commission, but we did not receive any response to this proposal.
The company is keen on the necessity of placing the interest of shareholders in the first place and this is what we have indicated to the authority that we will not accept bidding on this matter in the interest of shareholders in the first place, because of the consequence of the decision to suspend harm to them, since the company and since the listing of its shares in the Kuwait Stock Exchange Company and its registration with the Capital Markets Authority It has taken upon itself to abide by the provisions of the law and regulations, and there have been no violations registered against it, as it places the interest of shareholders above all considerations.
Accordingly, the company’s board of directors issues this statement to clarify all the measures it took regarding the decision to suspend the circulation of the stock, through which it appeals to the commission to cancel the suspension decision and return the stock to circulation, and the board of directors will follow up and complete the requirements as promised and by issuing more data successively in light of developments. .
Board of Directors
A statement by the Board of Directors of the Real Estate Trade Centers Company To the Kuwait Stock Exchange Company and gentlemen shareholders of the company On the decision of the Capital Markets Authority to stop trading the stock The Board of Directors of the Real Estate Trade Centers Company met today, Wednesday, 11 March 2020, to discuss the implications of the decision of the Board of Commissioners of the Capital Markets Authority issued on 19/2/2020 to stop trading the shares of the Real Estate Trade Centers Company for a period of five working days and until the company meets the requirements of the Authority, by publishing This decision is made through the screens of the Kuwait Stock Exchange Company, on the authority’s statement that the company has not provided it with some documents and papers.
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Dashti: Establishment of the World Trade Center after the stability of the situation in Damascus
Residential city on area of 620 thousand square meters
Dashti headed the General Assembly of Real Estate Trade Centers
Al-Rai newspaper on 16 May 2014
Written by Musa Diab
The Chairman of the Board of Directors and Managing Director of Real Estate Centers Company Eng. Talal Abdul Hamid Dashti announced that the company will establish the World Trade Center project in a suburb of Damascus after the stability of the situation in Syria and after obtaining the necessary funding.
Dashti said at the company’s general assembly held yesterday at the Ministry of Commerce with 63.4 percent attendance. That “The project includes a residential city and the World Trade Center on an area of 620 thousand square meters,”
He pointed out that the company is currently completing the establishment and opening of the resort «Centers» is a social recreational sport resort located in the northern area of Sabhan on an area of 30 thousand square meters, including buildings and green spaces and parking.
He added that the company owns 10 per cent of Intrados Tourism Development Company, which owns the waterfront project in the Tartous region of Syria, where the bulk of it has been completed, and will be opened after the stability of the situation in Syria. He added that the company looks forward to expanding its activities and contributing to the development of practical solutions within the state plan to face the housing issue and the construction, management and operation of private health hospitals. The General Assembly approved all the items on its agenda, the most important of which are the Board of Directors and Auditors ‘reports, and the Board of Directors’ mandate to buy and sell 10% of the Company’s shares in accordance with the law. And reviewed the results of the company during the fiscal year 2013, where the company recorded losses of 129.5 thousand dinars, equivalent to 1.2 fils per share, and shareholders’ equity amounted to 20.5 million dinars.
Al-Rai newspaper on Friday 16 May 2014
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Convening of the General Assembly of
<<Real Estate Trade Centers Co.>> on the 23rd April,2012
Mr. Abdul Hameed Dashti chairing the General Assembly meeting of <<Real Estate Trade Centers Co.>>
Mr. Abdul Hameed Dashti,the Chairman and Managing Director of the <<Real Estate Trade Centers Co.>> stated during the Generally Assembly meeting which was held on Monday the 23rd of April, 2012 with attendance of 70.81% that he will not stand for Board Membership for the next three years.
The General Assembly elected Eng. Talal Abdul Hameed Dashti, Shuail Bin Khalifa Al Quwary, Fadel Abbas Behbahani, Amina Al Shatti, Rasheed Ali Al Abdul Jader, Dashti Sons Group Co. and Topindustries Co. as members for the next three years. The General Assembly approved not to distribute profits for the year 2011.
Dashti mentioned that company assets for the 2011 reached MKD 28.98 whereas investments available for sales and investment real estates reached MKD 18.303, losses for last year was KD 240,500 representing 2.08% of the company’s capital i.e 2.2 fls for each share. The book value reached 179 fls per share.
He informed that the company is currently completing the construction of Marakez Resort at North of Subhan. That resort includes social entertainment sport facilities. He expressed his regret for the current situation of local economy and described it as exhausted clarifying presence of governmental neglecance for the economy as a whole. Also expressed his hope for governmental caring for it which would reflect positively on companies’ performance.
It is worth mentioning that the company has the” World Trade Center City “project in Syria. This project has a residential city of area of 570,000 m2 and the World Trade Center of area 50,000 m2. This project is located in one of Damascus city suburbs; its cost is about MKD 121. Also the company has a share of 10% of the Waterfront project in the Syrian Tartous region constructed by “Antradus “company for touristic development of about MKD 76 total cost.
The Ministry of Trade and Industry jointly reserve with the auditor of the company about the non-availability of information with the company’s management that enable them to say and being aware of the impact of events and political strikes in the Syrian Arab Republic on the fair value of investments available for sale of amount MKD 5.768. Also the ministry showed its reservations on the disability of the Company’s Board of Directors to determine the effects of future events and the result of political unrest in Syria on the fair value of future real estate investments owned by the company there.
Al Anbaa
Issue No. 12975 dated 23 April, 2012
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<<Al Juman>> Profits of listed companies jump to 264% and reach 1.712 B K.D in 2010
Al Juman Center for economic consultancies monitored in a preliminary and concise analysis for the companies listed in the Kuwait Stock Exchange Market in the year 2010 a rise in the gross profits of these companies for the year 2010. The rise rate reached 264% with increase amount of 1,242 MKD. This positive net for the year 2010 comes from gross profits of amount 2,374 MKD pertaining to 126 companies discounted by losses of amount 663 MKD pertaining to 70 listed companies.
The highest 10 companies that achieved net profit growth in 2010
Arrangement |
Company |
Times (Multiples) |
1 |
Commercial |
266.7 |
2 |
Al Masaleh |
29.1 |
3 |
Al Hilal |
26.8 |
4 |
Masalekh, Wat |
9.0 |
5 |
Marakez |
4.5 |
6 |
Remal |
4.4 |
7 |
Al Mawasah |
4.4 |
8 |
Baco |
3.2 |
9 |
Al Markaz |
3.2 |
10 |
Al Imtiaz |
2.7 |
Al Watan, issue No. 12703, Dated: 10/5/2011
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Its GAM distributed 10% grant shares to the Shareholders
Al Abdul Jader: Marakez executed 85% of Marakez Resort for Sport & Entertainment at MKD 10
Al Abdul Jader; the Deputy Managing Director of Marakez Real Estate Co. confirmed that 27 Real Estate companies out of about total 40 listed are currently traded at lower of its par value (100 fls), indicating that <<Marakez>> is within 13 companies traded at higher than its share par value.
Al Abdul Jader declared during the Ordinary and Extraordinary General Assembly Meetings that were held yesterday with attendance percent of 75% that the company is studying future projects in Qatar and Oman.
Board of Directors Report indicated that the company was listed in the KSE regular market in 2010 and achieved satisfactory financial results that reflect the development of its works. Where the assets reached MKD 29.5 for the year ending 31 December, 2010 and the available investments for selling and the investment Real Estates MKD 18.3, the total revenues and the achieved net profit MKD 5.4 of profitability percent amounting to 51.49% of Company’s capital i.e. 52 fls for each share that has a book value of 207 fls.
Al Abdul Jader indicated that the company has executed 85% of the sport and entertainment Marakez Resort which is established on an area of 30,000 m2 meters in Mubarak Governorate at a cost estimated of MKD 10. It comprises of Equestrian Academy, health rehabilitation center for men and women, hotel, sport games halls, swimming pools and Equestrian Racing Course. He also said that the company has many important projects in Syria in its front 10% participation in Antaradus for Touristic Development Company that owns a project of 46o,000 m2 at the Sea Frontage of the Coast City Tartous.
He also added that the company owns a land of area 620,000 m2 where an integrated city will be established comprising of a World Trade Center of 50,000 m2, residential buildings, commercial center and other services facilities.
He clarified that the company owns 100% of an Investment Development Co. in Syria of issued capital one billion Syrian Pounds. Its mission is to execute projects, commercial & Services & Development works. He also assured that the ongoing political events in Syria have no effect on the company’s projects indicating that the company has strategic partners in Qatar and is seeking suitable investment opportunities in the Qatari market.
The company’s GA approved the distribution of 10% grant shares of the paid up capital, also approved; Board of Directors report and Auditors report and agreed on authorizing the BO in selling and purchasing 10% of company’s shares for a period of 12 months in addition to Consent on discharging of Board of Directors and related parties and their quittance in relation to all legal acts up to 31/12/2010.
Also company’s GA approved the increase of Capital from MKD 10.50 to MKD 11.55 with the distribution of 10% grant shares for share holders registered in Company Register as the dated of GA meeting.
Al Anbaa, Issue No. 12591, dated: 4/4/2011
Al Watan, Issue No. 12667, dated: 4/4/2011
Al Qabas, Issue No. 13594, dated: 4/4/2011
Al Rai, Issue No. 11599, dated: 4/4/2011
Al Nahar, Issue No. 1211, dated: 4/4/2011
Al Mostaqbal, Issue No. 66, dated: 4/4/2011
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51.94 fls for each share
Dashti: Marakez Profits Hit 5.453 MKD in 2011
Abdul Hameed Dashti
Abdul Hameed Abbas Dashti; The Chairman and Managing Director of the Real Estate Trade Centers Co. (Marakez) has invited the Company’s Board of Directors to convene next week to discuss and approve the Company’s financial Information for the financial year that ended on 31/12/2010 which achieved profits amounting to KD 5,453,000 i.e, 51.94 fls profitability for each share. That is compared with less prophit of KD 1,200,000 i.e, 11.41 fls profitability for each share in the previous year according to the final draft of the balance sheet.
The financial information indicates that equity reached MKD 21.801.000 at the end of the financial year that ended on the 31st December of the last year 2010 in comparison with MKD 17.000.000 for the same period of that year 2009. Also assets reached MKD 29.594.000 and liabilities MKD 7.792.936 at the end of the financial year ending on last December compared with liabilities of amount MKD 6.835.543 for the same period of the previous year 2009. The share book value is 207 fls compared with 162 fls in the year 2009.
The Board of Directors will consider the item at this meeting agenda relating to the suggestion of distributing profit to share holders registered in the Company’s records on the date of convening the General Assembly. Also this recommendation shall be conditioned to the approval of the Company General Assembly and the concerned parties.
Al Anbaa; Issue No.: 12559, dated: 3/3/2011
Al Qabas; Issue No.: 13562, dated: 3/3/2011
Al Rai; Issue No.: 11567, dated: 3/3/2011
Al Shahed; Issue No.: 991, dated: 3/3/2011
Al Mostaqbal; Issue No.: 39, dated: 3/3/2011
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3 New shares of each 4 thwart their shareholders
Only the shares of Marakez and Boubyan Int. rose up after their listing whereas other went down.
Eisa Abdul Salam,
During the year 2010; 8 companies were listed in the KSE on different dates, the latest was just since few days. Results came disappointing to shareholders of the new shares such as; Al Masar, Manafee’, Al Nawady, Khalijia, Alrae, Amwal Duwalia which their shares went down between 48% and 18%. At the same time the market recorded the rise of 10% for Markez Share and 3.8% for Boubyan Share.
So 2 shares only survived the crisis whereas 8 failed in the test. Witnesses said: the time has passed during which listing of new companies were realizing fortunes for their shareholders. At that time there was rallying sustained by liquidity. The market was responding actively to these new goods and expecting a lot from it. But today the listing has become a burden for some and the market doesn’t respond positively for reasons linked to the crisis and mis-trust, non-liquidity and the absence of smart market players who are involved in their troubled companies. Nowadays speculators are much selective and careful.
In conclusion, 2 shares rose up and the rest went down. So, one share from each 4 meets shareholders expected hopes.
Al Qabas
Issue No.: 13501
Thursday 30/12/2010
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Marakez Share Succeeds in the Test of First Listing Day
Marakez Company was listed yesterday in the KSE. The coherency of the share was noticeable in comparison to subscription price; no it really over passed the market price by which shareholders subscribed during the phase of enlarging its capital. It was noticeable yesterday morning that Marakez share rose and resided at 500 fls at closing.
Observers confirmed that Marakez share was the only one not touched at listing since 2 years but stayed coherent and rising at the time when shares were listed at prices lower than subscription prices. Some of it retreated and went down the face value. Others are currently fluctuating in the market at prices less by 20% and 60% than subscription price.
Kuwaiti Real Estate Trade Centers Co. stated that it has purchased 620,000 m2 at SASA area – which is near to Damascus – in Syria to build a residential city comprising; 153 Complex, of 8 floors.
Baath News paper cited sources in Marakez that the city will include social utilities, schools, mosque, entertainment center, sport center and a hospital describing the market in Syria as promising and the expected revenues as fabulous.
The Sources notified that the Kuwaiti Investor is given special care in Syria, and added that Marakez got a license for building and operating the World Trade Center of height 18 floors in Syria which will be built according to the most advanced international building techniques.
Also added the source, this project will achieve about $67.7M as added value to the Syrian Economy. Moreover this project will secure more than 1000 jobs for various qualified Syrian cadres.
The Real Estate Trade Centers Co. of paid up capital KD 10.5 M was established in 1999 as a company with Limited Liability, then in 2006 it changed to a Kuwaiti Share Holder Co. The company works to own, purchase, develop real estate inside and outside Kuwait, also to manage, hire and market properties for others.
Al Qabas
Issue No.: 13500
wednesday, 29/12/2010
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