Title: Announcement regarding issuance of Disciplinary Board Resolution No. (81/2024 Disciplinary Board) (104/2024 Authority) and imposition of a fine against: Mena Real Estate Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (81/2024 Disciplinary Board) (104/2024 Authority) and imposition of a fine against: Mena Real Estate Company for violating the rules of Disclosure and Transparency

For the following reason:
Violation regarding noncompliance with the requirements of Item (26) of Article (4-1-1) of Module Ten of the Executive Bylaws of Law No. 7 of 2010 and its amendments. It was proven the Company failed to discuss the item of the capital increase discussed in the Board of Directors meeting on October 20, 2024, the disclosure was limited to discussing financial statements ending on September 30, 2024. Then, the disclosure of the meeting results on October 23, 2024, showed that the Board of Directors approved the capital increase from KWD 13,702,256.500 to KWD 19,000,000 (an increase of approximately 38.66%), without this item being mentioned in the original invitation of the meeting .

The Resolution included the infliction of the following penalty: -
“Levying a fine against: Mena Real Estate Company in an amount of KWD 10,000 (ten 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.