CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (84/2024 Disciplinary Board) (112/2024 Authority) and imposition of a fine against: Privatization Holding Company for violating the Rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (84/2024 Disciplinary Board) (112/2024 Authority) and imposition of a fine against: Privatization Holding Company for violating the Rules of Disclosure and Transparency.

For the following reasons:
Violation of the provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities their amendments. The Company failed to disclose at Boursa Kuwait Securities Exchange or the CMA the material information related to selling part of its shares in a company on May 3, 2024, in the amount of KWD 4,077,621, which resulted in a profit amounting to KWD 542,917; however, it has not disclosed the said material information to this date upon revision of the quarterly financial statements of Privatization Holding Company for the period that ended on 30/09/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Privatization Holding Company in an amount of KWD 1,000 (one thousand Dinars) for the attributed.”

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.