CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (19/2022 Disciplinary Board) (215/2021 Authority) and the imposition of a fine against: National Shooting Company (Shooting) for violating the Rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (19/2022 Disciplinary Board) (215/2021 Authority) and the imposition of a fine against: National Shooting Company (Shooting) for violating the Rules of Disclosure and Transparency.
For the following reasons:
First: Provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 and their amendments:
The Company did not disclose the resolution of the Ministry of Commerce and Industry dated 26/9/2021 of reconvening the Company’s ordinary general assembly that was held on 24/6/2021. On 10/10/2021, the Company disclosed the invitation to a new ordinary general assembly to discuss the same agenda of the ordinary general assembly previously held on 24/6/2021 without notifying the Company’s shareholders in advance of the mentioned resolution of the Ministry of Commerce and Industry.
Second: a) Provision of Item (27) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
b) Provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
This is due to the Company’s delay in disclosing the results of the general assembly meeting held on 24/10/2021, as it did not disclose this material information until 25/10/2021 at 10:11 am, that is during the trading session, which indicates its noncompliance with disclosure during the periods legally specified.
The Resolution included the infliction of the following penalty: -
“National Shooting Company (Shooting) is fined an amount of ten thousand Dinars for the two attributed violations.”
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.