Title: Press Release Regarding the Events of the Ordinary General Assembly of the National Shooting Company

Kuwait, June 26, 2021 -  In light of the raised issues through the mass media and social media about the events of the Ordinary General Assembly meeting of the National Shooting Company held on June24, 2021, and the  shareholders’ complaints regarding the violation of their rights, as well as  preventing or obstructing them from attending the General Assembly meeting, and preventing the auditor from attending the meeting.

In terms of the role and objectives of the Capital Markets Authority (CMA) to regulate securities activities in a fair, transparent and efficient manner, enhance investor protection, and its competence to set the rules of corporate governance subject to its supervision, in order to achieve the best protection and balance between the interests of the Company’s management and its shareholders, the CMA emphasizes the principles of good governance which stipulate that all shareholders should be able to exercise their basic rights in an equal manner. Moreover, the participation of all shareholders in the Company’s General Assembly meetings and voting on its decisions is an inherent right for them regardless of their different levels. This was confirmed by the provisions of the "Rule VIII: Respect the Rights of Shareholders" of Module Fifteen (Corporate Governance) 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.

Based on the CMA’s jurisdictions according to Law No. 7 of 2010 and its Executive Bylaws and their amendments, and in order to protect the rights of shareholders, the CMA confirms that it has taken immediate measures towards these aforementioned events, embodied by requesting the National Shooting Company to disclose in Bourse Kuwait Securities Exchange on Sunday’s session June 27, 2021 at most the events that occurred during the Company’s General Assembly meeting and their consequences, and contacting the Company’s auditor to find out the reason behind preventing him from attending the meeting, while continuing to halt trading on the Company’s shares on Boursa Kuwait Securities Exchange until the completion of the CMA’s procedures and all parties fulfilling the requirements according to Clause (3) of Article 1-18 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, and requesting Kuwait Clearing Company’s statment on the events that occurred during the meeting.

In order to enhance the principle of supervision and accountability and initiate the role of stakeholders in supervision, the CMA calls upon all shareholders and related parties to report or provide any information that would indicate the occurrence of any violations of shareholders’ rights or a violation of the provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities activities and its Executive Bylaws and their amendments, through the available means of reporting or through the e-mail rvc@cma.gov.kw , in order for the CMA to carry out its supervisory role and complete the investigation procedures with all parties, in preparation for taking legal measures. Additionally,  the CMA will communicate and coordinate tomorrow with the Ministry of Commerce and Industry based on the Memorandum of Understanding between them to take the necessary legal procedures within the jurisdiction of the Ministry.

-Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw