Regulatory Bylaw No. 3: Suspension of Trading and Delisting of Listed Companies in the Securities Market

Regulatory Bylaws of the Securities and Commodities Authority for the Year 2022 Regulatory Bylaw No. (3): Suspension of Trading and Delisting of Listed Companies in the Securities Market

Article (1)
The Market, with the approval of the Authority, may suspend the trading of a company's shares in any of the following cases:
A. If the company loses any of the listing conditions stipulated in the regulatory bylaws issued by the Authority.
B. If the company fails to meet disclosure requirements.
C. If it is deemed necessary for investor protection or to maintain an orderly market.
D. If the company violates any of the decisions or regulatory bylaws of the Authority or the Market.

Article (2)
The Market, with the approval of the Authority, may suspend trading upon the company's request:
A. If the company submits a justified request to suspend the trading of its securities based on a decision from the General Assembly. B. The company may request the Authority to suspend trading upon the occurrence of a material event affecting it, provided that it discloses this event immediately.
C. When submitting a suspension request to the Authority, the company must provide the following:
First: The justified reasons for the suspension request and the required duration.
Second: Information regarding the nature of the event affecting the company's activities for which the suspension was requested. D. The Authority may accept or reject the suspension request at its discretion.

Article (3)
The Authority may suspend the trading of a company's shares based on legal requirements and the Authority's regulatory bylaws. A company's trading is suspended if there is a legal cause for suspension or if Regulatory Bylaw No. (2) issued by the Securities and Commodities Authority is applied.

Article (4)
Termination of Suspension:
A. The Authority and the Market may terminate the suspension decision if the cause ceases to exist.
B. The termination of suspension depends on the accompanying circumstances, and the Authority may impose any conditions it deems appropriate.

Article (5)
In the event of a decision to resume trading on the shares of a suspended company for a period exceeding six months and for any reason, the shares shall be traded with a 50% increase or decrease from the closing price of the last session for one session only, and the trading price rate for this session shall be adopted as a benchmark for subsequent sessions.

Article (6)
A. The Board of Governors of the Market may suspend the trading of a company's shares when necessary for investor protection for a period not exceeding thirty working days, and obtain the Authority's approval if it exceeds that period. B. The suspension decision is terminated if the cause ceases to exist.

Regulatory Bylaws of the Securities and Commodities Authority for the Year 2022

Article (7)
Regulatory Bylaw for the Delisting of Listed Companies:
The Authority may delist any company from the listing in the Market in the following cases:
A. A decision to liquidate the company is taken.
B. The company's bankruptcy is declared or a decision is taken to dissolve the company.
C. The company's activity is changed in a manner that affects its share price in the Market.
D. The company merges with one or more other companies, resulting in the termination of the company's legal personality.
E. The company ceases to practice its activity for a full year.
F. The company continues to be suspended from trading for six months without taking appropriate measures to resume trading.
G. If the Authority deems there is a justification for delisting the company from the Market.

Article (8)
Delisting upon the Company's Request:
The company may submit a request to the Authority to delist it from the Market according to the following conditions:
A. If the trading volume of the company's shares does not exceed 0.005 (five thousandths) of the number of issued shares annually for two consecutive years. B. The request must be based on a justified decision from the General Assembly and with the approval of at least 51% of those present.
C. The company must submit to the Authority and the Market its financial data for the last financial year, audited by the auditor and certified by the General Assembly, along with financial data for the last quarter.
D. The company must announce the General Assembly's decision on delisting in two daily newspapers and on the bulletin and electronic website of the Market and the Authority. E. The company must settle all its financial obligations towards the Authority and the Market. F. Holders of 5% or more of the company's shares must object to the delisting decision within a period of fifteen (15) days from the date of the decision at the Securities and Commodities Authority.