CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (63/2024 Disciplinary Board) – (81/2024 Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (63/2024 Disciplinary Board) – (81/2024 Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Listing Rules.

For the following reasons:
Violating the provisions of Item (1) 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 its periodical financial statements for the financial period ending on 30/06/2024 within forty-five days from the end date of period for which the periodical financial statements were prepared, which ended on 14/08/2024, and the delay to 19/8/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Burgan Company for Well Drilling 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 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.