Salam to sue QFMA about suspension of trading in shares


DOHA den Board of Director of Salam has decided to file a suit against the Qatar financial markets authority (QFMA) for the unjustified and prolonged suspension of trading of the shares on the exchange of Qatar.

The board, in a statement in Doha on Sunday, said that the suspension of trading in the shares was caused serious damage to the company and the shareholders. The lawsuit will probably soon be submitted.

"Trading in shares of the company is stopped for the third time since 2 February 2013, according to the instructions of the Qatar financial markets authority even after the authority was informed of the cancelled pronunciation. The trade was suspended without giving any reason for stopping thirdtime, "said the company's Board of Directors.

"The trade was halted despite the company's belief that this procedure is not necessary and rights of the shareholders irrevocably harms and its effects and consequences, in particular, that the QFMA has already taken precautionary measures, which were exaggerated," he said.

Accordingly, the company Board has decided to keep the QFMA responsible for all damage to the rights of shareholders and the interests of the company, and to the question of the resumption of trading QFMA shares immediately.

The Council has also decided to sue QFMA following the decision of the general meeting, held on 1 January 2012, because of the damage caused by the QFMA decisions and actions that affect the rights of shareholders and the interests of the company.

"The company will claim his right to the appropriate compensation for the losses resulting from the frequent trade and halting the prolonged suspension," the Board said in the statement.

The Salam statement said that it highly appreciated the rule of the Court of Cassation in job number 67/2013, which the company appeal to the Court of appeal (case number 71 + 104/2011) on the invalidity of the operating procedures of the mergers of 2002 and 2005.

Salam revealed to investors some facts and that cessation of trading of the shares was not useful and that would affect equity.

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