CmaBoardReleases
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”)
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.
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