CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (34/2024 Disciplinary Board) – (34/2024 Authority) and imposition of a fine against: Al Taameer Real Estate Investment Company (K.S.C.C) for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (34/2024 Disciplinary Board) – (34/2024 Authority) and imposition of a fine against: Al Taameer Real Estate Investment Company (K.S.C.C) for violating the Listing Rules.

For the following reasons:
Violating the provisions of Item (2) of Article (1-16-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, the Company failed to submit to Boursa Kuwait Securities Exchange its periodical financial statements for the financial period ending on 31/12/2023 within ninety days which ended on 31/03/2024, and the delay in submitting them until 22/4/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Al Taameer Real Estate Investment Company in an 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.

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