Capital Markets Authority-CMA Board Releases - CMA

Navigation

  • Skip to Content
Unlicensed Entities
logo

  • CMA Portal
  • عـربـي
  • Ifsah Portal

Navigation

  • Home
    • Resolutions and Circulars
    • Announcements and Press Releases
    • CMA Law
    • Executive Bylaw
    • Forms
    • Reports and Complaints
    • Annual Reports
    • Strategic Reports
  • About CMA
    • Mission
    • Vision
    • Institutional Values
    • CMA Objectives
    • Code Of Ethics
    • CMA Board of Commissioners
    • Employment
    • Chairman Message
    • Organizational Structure
  • Awareness
    • Suggestions
    • Publications
    • National Project
    • Events
    • List Of Licensed Companies
    • External Audit Offices
    • List Of Registered Auditors
    • Local and Gulf Unlicensed Entities
    • Persons Restricted from Practicing Securities Activities or Registered Positions and Employment Positions
    • Workshops
    • Facilitating the opening of investment accounts Initiative
    • CMA Radio
    • FAQ
  • Media Center
    • List of Investment Funds
    • List Of Agreements
    • CMA Gallery
    • Media Appearances
    • Press Releases
    • Kuwait's Exchange Privatization Journey
    • Main Resolutions and Procedures of Precautionary Period Against COVID-19
  • International Organizations
  • Fintech
    • Introduction to Financial Technology
    • Securities-based Crowdfunding
    • Digital Financial Advisory
    • Initial Implementation Phase
    • List of Companies Registered in the Fintech Services Register
    • Digital Library
    • Contact the Fintech Unit
  • CMA Portal
  • Ifsah Portal

CmaAdvanceSearch



Navigation

  • Home
    • Resolutions and Circulars
    • Announcements and Press Releases
    • CMA Law
    • Executive Bylaw
    • Forms
    • Reports and Complaints
    • Annual Reports
    • Strategic Reports
  • About CMA
    • Mission
    • Vision
    • Institutional Values
    • CMA Objectives
    • Code Of Ethics
    • CMA Board of Commissioners
    • Employment
    • Chairman Message
    • Organizational Structure
  • Awareness
    • Suggestions
    • Publications
    • National Project
    • Events
    • List Of Licensed Companies
    • External Audit Offices
    • List Of Registered Auditors
    • Local and Gulf Unlicensed Entities
    • Persons Restricted from Practicing Securities Activities or Registered Positions and Employment Positions
    • Workshops
    • Facilitating the opening of investment accounts Initiative
    • CMA Radio
    • FAQ
  • Media Center
    • List of Investment Funds
    • List Of Agreements
    • CMA Gallery
    • Media Appearances
    • Press Releases
    • Kuwait's Exchange Privatization Journey
    • Main Resolutions and Procedures of Precautionary Period Against COVID-19
  • International Organizations
  • Fintech
    • Introduction to Financial Technology
    • Securities-based Crowdfunding
    • Digital Financial Advisory
    • Initial Implementation Phase
    • List of Companies Registered in the Fintech Services Register
    • Digital Library
    • Contact the Fintech Unit
عـربـي

CMA Board Releases - CMA

CmaBoardReleases

Board Releases

Back to Search

Board Releases

A+| A-
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (21/2023) Disciplinary Board - (09/2023) Authority, and imposition of a fine against Energy International Company for the Sale and Purchase of Bonds and Shares and its Group (Al Qalam Al Arabi Educational Company) For violating the rules of Mergers and Acquisitions and Appendix No. (6) Regarding (Form of “Sale or Purchase for the Controllers of a Listed Company’s Shares”)
Date Publish 07 September 2023


Announcement regarding issuance of Disciplinary Board Resolution No. (21/2023) Disciplinary Board - (09/2023) Authority, and imposition of a fine against

Energy International Company for the Sale and Purchase of Bonds and Shares and its Group  (Al Qalam Al Arabi Educational Company)

For violating the rules of Mergers and Acquisitions and Appendix No. (6) Regarding (Form of “Sale or Purchase for the Controllers of a Listed Company’s Shares”)

For the following reasons:

Violation of the provision of Article (3-6-7) of Module Nine (Mergers and Acquisitions) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. Where it was proven to the Authority, through the daily report of the change of disclosures published on the website of the Boursa Kuwait Securities Exchange Company, that the ownership of Energy International Company for the Sale and Purchase of Bonds and Shares and its Group  (Al Qalam Al Arabi Educational Company)  has decreased in the capital of another Company without the Company disclosing its desire to reduce its ownership in the Company by less than 30% before making interest, in addition to decreasing her ownership in the same Company at a later date of the violation for the provision on Article (3-6-7) mentioned above, in addition to the implementation of Article (3-6) of the same Module and Appendix No. (6) Regarding (Form of “Sale or Purchase for the Controllers of a Listed Company’s Shares”)

The Resolution included the infliction of the following penalty: -

“Levying a fined against Energy International Company for the Sale and Purchase of  Bonds and Shares and its Group (Al Qalam Al Arabi Educational Company) in an amount of 20,000 (twenty thousand Kuwaiti Dinars) for the attributed violation”.

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. 

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.

Share & Print


  • Share
  • Print

CmaSideNavigation

In this section

  • Home
  • About CMA
  • Awareness
  • Media Center
  • International Organizations
  • Fintech

CMA Automated Assistant

We use cookies to ensure you get the best experience on our website.

Footer - Links

  • Privacy Policy
  • Publishing Policy
  • Site Map
  • Contact Us

Footer - Copyrights

Footer - Useful Links

Useful Links

  • International Organization of Securities Commissions (IOSCO)
  • Boursa Kuwait
  • Central Bank of Kuwait
  • Kuwait Investment Authority
  • Kuwait Government Online
  • Kuwait Clearing Company

Footer - Contact Us

Contact Us

Email:pr-media@cma.gov.kw

Phone:1888898

Fax:+965 22903500

Postal Address:P.O.Box 3913, Safat 13040, Kuwait

Address:Kuwait City, Al-Shahuda Street, Al-Hamra Tower, 20th Floor

Footer - Social Media

Copyright © 2024 Capital market authority. All Rights Reserved