CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (12/2025 Disciplinary Board) (24/2025 Authority) and imposition of a fine against: Member of the Board of Directors of Mena Real Estate Company for violating the Rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (12/2025 Disciplinary Board) (24/2025 Authority) and imposition of a fine against: Member of the Board of Directors of Mena Real Estate Company for violating the Rules of Disclosure and Transparency.

For the following reasons:
1- Violation of the provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA, during the insiders trading ban period of the financial statements of the third quarter of 2024 for Mena Real Estate Company, that he purchased 550,000 shares of Mena Real Estate Company shares on 4 and 5 February 2025, despite his being an insider of the Company serving as a member of the Board of Directors.

2- Violation of the provision of Item (2) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA that he was late to submit the disclosure of the purchase of 450,000 shares of Mena Real Estate Company shares on February 4, 2025, as the disclosure was made on February 6, 2025, at the end of the trading session at 11:44 a.m.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine on Member of the Board of Directors of Mena Real Estate Company in the amount of KWD 15,000 (fifteen thousand Dinars) for the attributed violations due to correlation.

Second: Notify the CMA Board of Commissioners and associated parties of this Resolution”

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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