CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (02/2023 Disciplinary Board) (177/2022 Authority) and the imposition of a fine and a warning against National Shooting Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (02/2023 Disciplinary Board) (177/2022 Authority) and the imposition of a fine and a warning against:
National Shooting Company (Shooting)
For violating the rules of Disclosure and Transparency.

For the following reasons:
1) Violating the provision of Article (2-1-8) of Chapter Two (Disclosure of Interests) 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 in a clear manner that National Shooting Company and its associates, an Interested Person that owns a collected interest in a company, failed to disclose the change of the purpose of ownership before its associates’ sale of their ownership in the company and the exit of National Shooting Company  from the list of major shareholders that own 5% or more of the company’s capital, which is a violation of the provision of the mentioned Article.
National Shooting Company  was required to immediately disclose to the CMA and Boursa Kuwait the change of the purpose of ownership before the commencement of the sale transaction and its exit from the list of major owners of the company’s capital, which indicates the Company’s violation of the aforementioned Article.

2) Violation of Article (4-1) (Definition of Material Information) of Chapter Four (Disclosure of Material Information) 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 in a clear manner that National Shooting Company  failed to disclose the material information of removing listed investment real estate that forms 5% of the Company’s assets as on 31/12/2020.

The Resolution included the infliction of the following penalty: -
“First: - Levying a warning on National Shooting Company  for the first attributed violation.

Second: - Levying a financial fine on mentioned Company in an amount of 20,000 KD (twenty thousand Dinars) for the second 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.