Title: Announcement regarding issuance of Disciplinary Board Resolution No. (22/2024 Disciplinary Board) - (12/2024 Authority), and imposition of a warning against Palms Agro Production Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (22/2024 Disciplinary Board) - (12/2024 Authority), and imposition of a warning against Palms Agro Production Company for violating the rules of Disclosure and Transparency

For violating the provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to disclose to Boursa Kuwait Securities Exchange in a timely manner the granted tender for implementing and developing attractive agriculture and watering on 04/02/2024, in the amount of KWD16,700,000 (sixteen million and seven hundred thousand Dinars only), the Company failed to disclose this information until 07/02/2024.

The Resolution included the infliction of the following penalty: -
“Levying a warning against Palms Agro Production Company for the attributed violation with consideration that it does not repeat it in the future”.

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.