CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (51/2024) Disciplinary Board (38/2024 Authority) and imposition of a fine against National Consumer Holding Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (51/2024) Disciplinary Board (38/2024 Authority) and imposition of a fine against National Consumer Holding Company for violating the rules of Disclosure and Transparency

For the following reasons:
Violation of the provision of Articles (4-1-1) and Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the Authority that the Company failed to disclose at Boursa Kuwait Securities Exchange’s website the financial impact resulting from the completion of the acquisition of a company, which is represented by revealing an amount of KWD 6,498,640 (six million, four hundred and ninety-eight thousand, six hundred and forty Kuwaiti dinars), as the Company disclosed on the Boursa Kuwait Securities Exchange’s website on August 10, 2023 the completion of the acquisition of a company and specified in the section related to the financial impact that the financial data of the company will be collected as a subsidiary starting from the third quarter of 2023, but the Company has not disclosed the aforementioned financial impact to date.

The Resolution included the infliction of the following penalty: -
“Levying a fine against National Consumer Holding Company in an amount of KWD 3,000 (three 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 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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