Title: Announcement regarding issuance of Disciplinary Board Resolution No. (65/2023) Disciplinary Board - (95/2023) Authority, and imposition of a fine against Jiyad Holding Company For violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (65/2023) Disciplinary Board - (95/2023) Authority, and imposition of a fine against Jiyad Holding Company For violating the rules of Disclosure and Transparency.

For the following reasons:
1. Violation of the provision of Article (139) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments and the provision of Item (25) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

This is due to the failure of Jiyad Holding Company to disclose to the Exchange the material information of the invitation of the Ministry of Commerce to the shareholders of Jiyad Holding Company for the meeting of the Company’s general assembly to consider the dissolution of the current Board of Directors and the election of a new Board of Directors. Moreover, the Company refrained from executing CMA’s direct and repeated instructions to disclose the aforementioned invitation of the Ministry of Commerce in accordance with the electronic messages sent to the Company on 23/7/2023 and the repeated phone calls thereon.

2. Violation of the provision of Article (1-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

It was proven that the Company’s share was suspended from trading on 23/7/2023 and resumed the trading on 30/7/2023 due to the Company’s failure to comply with the CMA’s instructions to disclose the aforementioned material information, which may harm the Company’s shareholders as result of this suspension and for not informing them of the material information.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Jiyad Holding Company in an amount of KWD 5,000 (five thousand Dinars) for the attributed violations”.

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.