CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (03/2024 Disciplinary Board) – (158/2023 Authority) and imposition of a fine against: Gulf Franchising Holding Company for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (03/2024 Disciplinary Board) – (158/2023 Authority) and imposition of a fine against: Gulf Franchising Holding Company for violating the Listing Rules.

For the following reasons:

Violating the provisions of Item (4) of Article (1-16-5) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It provided the Authority with its audited annual financial statements for the financial year ending on 31/12/2022 on 30/3/2023, without holding the annual general assembly until 1/10/2023.,The delay period amounted to 121 days, exceeding the legal period specified in Item (4) mentioned above, noting that the last date for holding the Company’s annual general assembly is 30/5/2023.

The Resolution included the infliction of the following penalty: -

“Levying a fine on Gulf Franchising Holding Company in the amount of KWD 1,000 (one 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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