Shares in Gulf Livestock suspended on orders from a Ras Al Khaimah court.
Court orders suspension of Gulf Livestock share trades
Shares of a Ras al Khaimah company were halted from trading yesterday after a request was made from the emirate's court.
The Emirates Securities and Commodities Authority (SCA) suspended trading of Gulf Livestock in response to an order from the Ras al Khaimah Court, the regulator said in a statement to the Abu Dhabi Securities Exchange, where the company's shares are traded.
The court said it was investigating Gulf Livestock but did not provide further details.
The company was also banned from holding shareholder meetings or releasing decisions of any kind related to the company until receipt of written approval from the court.
"We cannot reveal any information about the investigation until it is completed," said Ahmed al Shehhi, the court's prosecutor general. "We have not charged the company and will release information in the event we will."
Mr al Shehhi said a preliminary report was filed by the experts of the courts and forwarded to the prosecutor, but he declined to provide further information.
Jim Stewart, the chief executive of the Ras al Khaimah Investment and Development Office, was appointed as the legal representative of Gulf Livestock and will head the company's administrative affairs in the interim. Mr Stewart confirmed the decision but declined to give further information. The office owns 5 per cent of Gulf Livestock.
Gulf Livestock officials declined to comment about the investigation yesterday.
The company's shares were last traded on February 24, closing down 3.9 per cent to Dh6.98.
The company is yet to release its fourth-quarter and full-year financial statements. The latest filing shows it reported a 56 per cent decline in profit for the third quarter to Dh12.1 million (US$3.2m), compared with the same period last year.