CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (60/2022 Disciplinary Board) (52/2022 Authority) and imposition of a fine against: Specialities Group Holding Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (60/2022 Disciplinary Board) (52/2022 Authority) and imposition of a fine against: Specialities Group Holding Company for violating the rules of Disclosure and Transparency.
For the following reasons: 
For Violating:
First: Provision of Item (2) of Article (4-1-1) Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
The Company’s failure to disclose its executed contract of stocks and shares exchange  on 15/11/2021 between the aforementioned and National International Holding Company.
Second: Provision of Item (2) of Article (4-2-1) Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
The Company’s failure to disclose within the legally specified time, its purchase of (90%) of the Advanced Group Center for Furniture Company, with a value of 1,980,000 Kuwaiti Dinars (one million nine hundred and eighty thousand Kuwaiti Dinars), as the Company signed the acquisition contract on 17/09/2020 and did not disclose it until 27/09/2020.
The Resolution included the infliction of the following penalty: -
" Specialities Group Holding Company is fined an amount of five thousand Dinars for each of 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 Laws 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.

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