Title: Announcement regarding issuance of Disciplinary Board Resolution No. (09/2025 Disciplinary Board) (08/2025 Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (09/2025 Disciplinary Board) (08/2025 Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Rules of Disclosure and Transparency.

This is due to violating the provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA that Burgan Company for Well Drilling did not timely disclose the material information related to the lawsuits between Burgan Company for Well Drilling and a company, as the Company did not disclose the Court of First Instance decision of the two lawsuits issued on March 27, 2022, which provided the following:

First: Obliging the defendant to pay the plaintiff (Burgan Company for Well Drilling) the amount of KWD 7,413,515 only (seven million, four hundred and thirteen thousand, five hundred and fifteen Kuwaiti dinars only).

Second: Obliging the defendant (Burgan Company for Well Drilling) to pay the plaintiff the amount of KWD 26,619,125.498 only (twenty-six million, six hundred and nineteen thousand, one hundred and twenty-five Kuwaiti Dinars and four hundred and ninety-eight Fils only).

It was also proven to the CMA that Burgan Company for Well Drilling did not disclose the appeal judgement of the appeals, issued on October 17, 2023, which provided the following:
First: Upholding the appealed judgement.
Second: Cancelling the appealed judgement and redeciding on rejecting the lawsuit.

The Company was satisfied with disclosing the Court of Cassation judgment issued on December 19, 2024, that was announced on the website of Boursa Kuwait Securities Company at 8:00 a.m. on Sunday, December 22, 2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Burgan Company for Well Drilling in the amount of KWD 5,000 (five thousand 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 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.