CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (37/2024 Disciplinary Board) (27/2024 Authority) and imposition of a fine against: 1- Arabi Holding Group Company, for Violating the Rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (37/2024 Disciplinary Board) (27/2024 Authority) and imposition of a fine against: 1- Arabi Holding Group Company, for Violating the Rules of Disclosure and Transparency.

For the following reasons:

Violating the provisions of Item (1) of Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was proven to the Authority that the Company on 28/02/2024 disclosed on Boursa Kuwait Securities Exchange that it had obtained a final approval from the Ministry of Health to license the Health Assurance Hospital (Dhaman), despite the absence of any approval from the Ministry, the disclosure also included misleading information that does not reflect the truth, which was confirmed by the Company through its corrective disclosure on Boursa Kuwait Securities Exchange on 15/04/2024, in which it clarified that the information previously provided was incorrect.

The Resolution included the infliction of the following penalty: -

“Levying a fine against Arabi Holding Group Company in the amount of KWD 5,000 (five thousand Dinars) for the attributed violation.”

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.

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