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Shuaa to Abandon Kuwait Stock Exchange Listing

DUBAI - Shares of Shuaa Capital PSC, the UAE biggest investment bank, will stop trading on the Kuwait Stock Exchange as of January 1 and continue trading just on the Dubai Financial Market.

The decision to abandon the Kuwait listing was made at a shareholder meeting June 17, the Dubai-based company said in a statement on the Web site of the Kuwait Stock Exchange on Tuesday.

Shareholders will be informed of how to register on the Dubai stock exchange, the statement said.

Meanwhile, National Central Cooling Co., the UAE-based air-conditioning company known as Tabreed, had its credit rating cut to junk by Standard & Poor’s on concern weaker results and higher spending hurt liquidity.

Standard & Poor’s cut the rating four notches to BB from BBB-, the lowest investment-grade ranking, to “reflect a deterioration in Tabreed’s credit quality following a weaker-than-expected financial performance partly resulting from higher-than-anticipated capital expenditure,” credit analyst Karim Nassif said in a statement on Tuesday. -

The credit rating may improve if the state-controlled company gains further and more explicit support from the Abu Dhabi government, Standard & Poor’s said. -