Kuwait Stock Exchange approved yesterday the registration of Arabic Digital Financial Services Company (K.S.C. - Closed) as a continuous trading company, allowing it to trade on the unlisted companies platform through the OTC market.

The Arabic Digital Financial Services Company was established as a Kuwaiti closed shareholding company under the name Nice E-Commerce Company on April 14, 2016. On June 29, 2022, its extraordinary general assembly approved increasing its capital from KD 10,000 to KD 20 million, distributed over 200 million shares with a nominal value of 100 fils per share.

The company's objectives include conducting all e-commerce activities over the internet, owning the movable and immovable assets necessary to carry out its activities within legal limits, utilizing financial surpluses through investments in financial and real estate portfolios managed by specialized companies, and providing financial services via digital channels and platforms using modern technological innovations.

The Capital Markets Authority required all Kuwaiti shareholding companies voluntarily delisting from the Kuwait Stock Exchange and companies removed by authority decisions to register for continuous trading (OTC) within five working days from the effective date of cancellation or withdrawal.

The company classified unlisted companies traded in the OTC market based on the number of shareholders holding stakes in the company's capital. For companies with more than 50 shareholders, two trading options are available at the discretion of the company: the first allows all registered companies to trade through a negotiated deals system, and the second option, for companies with fewer than 50 shareholders, enables transactions through the buy-and-sell order platform in the market.