Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (13/2019 Disciplinary Board) (12/2019 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Monday 1/4/2019 on violation No. (13/2019 Disciplinary Board) (12/2019 Authority) filed against:

Massaleh Real Estate Company

“First: The Company shall be fined KWD 40,000 for violating the rules of disclosure of interests.
Second: The CEO of the Company shall be fined KWD 2,000"

This punishment is due to the Company’s violation of the provisions of Article (102) of Law No. 7 of 2010 and its amendments, and Article (2-1-7) of Module Ten (Dosclosure and Transparency of the Executive Bylaws of the same Law, for failing to disclose the decline of its ownership in the capital of Taameer Real Estate Investment Company from 50.87% as on 16/09/2018 to 5.34% as on 17/09/2018 during the legal period specified ten business days, and delaying it until 13/11 / 2018.

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.