Further to our previous disclosure dated 06/02/2017 regarding the restructuring of the Company, we wish to inform that the Company’s financial statements are being audited and in view of the difficulties facing the Company in compiling the financial statements for the periods ended 30/06/2016 till first quarter ending 31/03/2018. The company expects to announce all the financial by mid-June 2018. A detailed report on all company’s developments are attached which includes the following:

1. Company’s losses exceeded 75% of its Capital.
2. The process of restructuring the company’s debt facility
3. Litigation brought against or by the company and its impact
4. Existing and new projects of the company
5. Projects withdrawn from the company
6. The company’s position with the Central Agency for Public Tenders
7. Recruitment and employment challenges of the Company
8. The Company compliance with the requirements of the Capital Markets Authority (CMA)
9. Future directions of the company

Please note that the company will continue to coordinate and notify the Kuwait Stock Exchange and the Capital Market Authority of all details or any developments in this regard on time.

Letter to CMA dated 24-04-2018

Letter to CMA dated 24-04-2018 – English Translation