CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (56/2023 Disciplinary Board) (75/2023 Authority) and imposition of a warning against: National Real Estate Company for violating the Rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (56/2023 Disciplinary Board) (75/2023 Authority) and imposition of a warning against:

National Real Estate Company

for violating the Rules of Disclosure and Transparency.

For the following reasons:

Violation of the provision of Item (15) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to disclose that the Ministry of Finance has liquidated the guarantee issued by one of the banks in favor of the Ministry of Finance, which was issued upon the request of National Real Estate Company, in order to ensure that the Company carried out designing, constructing, and managing one of the facilities.

The Resolution included the infliction of the following penalty:

 “Levying a warning on National Real Estate Company for the attributed violation and considering it non-repetition in the future.””.

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.

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.