Title: Announcement regarding issuance of Disciplinary Board Resolution No. (85/2023 Disciplinary Board) (123/2023 Authority) and imposition of a fine against: Agility Logistics Company for violating the Listing Rules

Announcement regarding issuance of Disciplinary Board Resolution No. (85/2023 Disciplinary Board) (123/2023 Authority) and imposition of a fine against: Agility Logistics Company for violating the Listing Rules

For the following reasons: 
This is due to the Company’s violation of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA through reviewing the Company’s annual financial statements for the financial year that ended on 31/12/2022 that the Company failed to comply with International Financial Reporting Standard 9 (IFRS 9 - Financial Instruments). The Company did not register the investment in a company (Iraq) in the fair value and in accordance with IFRS 9, as it was required to include the investments’ value within the Item of (Assets in fair value through interests and losses) in their fair value on the date of the Company’s financial statements through conducting an internal evaluation or evaluating the investments by an independent party to reach the fair value of the investments in a form that consider unavailability of necessary information. However, despite the fact that a Disciplinary Board Resolution was issued on 09/02/2022 against the Company levying a penalty for violating the same Item, the Company did not address the matter in the later financial statements.

The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Agility Logistics Company in the amount of 3,000 KD (three 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.