Title: Announcement regarding issuance of Disciplinary Board Resolution No. (32/2025 Disciplinary Board) (2/2025 7Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (32/2025 Disciplinary Board) (2/2025 7Authority) and imposition of a fine against: Burgan Company for Well Drilling for violating the Rules of Disclosure and Transparency.

For violating the provision of Item (24) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, which stipulate that:

“A Listed Company shall disclose Material Information within the timing set out in Article (4-2) of this Module, including but not limited to the following:

24- Disclosure of the Authority’s approval on a sale or purchase of Treasury Shares, which shall be made immediately after the issuance of the approval.”.

It was proven to the CMA that the company did not disclose at Boursa Kuwait Securities Exchange the material information that require disclosure, namely the Capital Markets Authority’s approval to renew the right to deal on treasury shares, issued on March 5, 2025.

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