Title: Press Release: The Capital Markets Authority Announces the Completion of Implementing the Partial Purchase Offer Submitted by Qurain Petrochemical Industries Company not Exceeding 9% of the Shares of Advanced Technology Company

Kuwait, June 20,2022 – In terms of the Capital Markets Authority aims to regulate securities activities in a fair, transparent and efficient manner, enhance investor protection and regulate mergers and acquisitions subject to its supervision, the CMA announced on Thursday June 16, 2022 the completion of the first partial purchase offer submitted by Qurain Petrochemical Industries Company not exceeding 9% of the shares of Advanced Technology Company, after completing the rules and regulations of the partial purchase offer stipulated in Chapter Four ( Partial Purchase Offer) stipulated in Module Nine (Mergers and Acquisitions) 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 Appendix 9 (Procedures of Executing a Partial Purchase Offer) of the same Module.

The shares of shareholders intending to participate in the partial purchase offer were collected during the period from May 15, 2022 until June 01, 2022, and then Qurain Petrochemical Industries Company disclosed on the website of Boursa Kuwait Securities Company the percentage achieved on June 02, 2022, based on Item (15) of Appendix 9 (Procedures of Executing a Partial Purchase Offer) of Module Nine (Mergers and Acquisitions) of the Executive Bylaws of Law No. (7) of 2010 and its amendments.

When the percentage of the shares of the shareholders participating in the partial purchase offer exceeded the percentage to be purchased, which amounts to 9% of the shares of the Advance Technology Company, according to the partial purchase offer document, the Clearing Agency distributed the shares of the shareholders of the Advance Technology Company participating in the partial purchase offer Pro Rata.

It should be noted that the provisions of the partial purchase offer stipulated in Chapter Four (Partial Purchase Offer) of Module Nine (Mergers and Acquisitions) 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 were issued for the purpose of giving the controllers an opportunity to increase their ownership in listed companies, and provide an opportunity for shareholders to exit with competitive prices, while guaranteeing the rights of all shareholders through implementing Pro Rata mechanism and granting them the right to vote in the general assembly.

An opinion poll was conducted for the concerned authorities from 15/07/2018 to 16/08/2018 before the issuance of “Resolution No. (128) of 2018 Regarding Amending Some Provisions 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 by Issuing the Provisions of the Partial Purchase Offer”, and this is due to CMA’s belief in the principle of participation and the importance of benefiting from the experiences and capabilities of the persons and entities subject to its supervision, while taking into account their aspirations and opinions in the decisions or instructions issued to regulate their work in securities activities, which would achieve common interests and support the implementation of these decisions and instructions after their issuance. The proper implementation of their requirements contributes to the CMA’s success in achieving its objectives and thus achieving the public interest.

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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