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Select Sukuks Suspended From the Official List

Middle East : 04 May 2010

Select sukuks were suspended from the Nasdaq Dubai yesterday after it was revealed that no financial statements or annual reports have been submitted to the exchange for 2009 accounting period. Among those that have now been suspended are Nakheel Development 2, IIG Funding, Nakheel Development 3, Dubai Holding Commercial Operations MTN and TID Global sukuk.

All of these entities have now been temporarily withdrawn from the regions official list until such time as they see fit to submit the appropriate annual reports and financial statements which all of these commercial entities are obliged by law to submit within 120 days of the end of their financial year in accordance with the rules that have been laid down by the DSFA

A statement confirming the above action was issues by the Nasdaq in Dubai and they also stated that the securities of the issuer must now be suspended from their official list immediately until such time as they can prove that their affairs are back in order.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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