Title: Announcement regarding issuance of Disciplinary Board Resolution No. (72/2024 Disciplinary Board) (79/2024 Authority) and imposition of a fine against: The Automated Systems Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (72/2024 Disciplinary Board) (79/2024 Authority) and imposition of a fine against: The Automated Systems Company for violating the rules of Disclosure and Transparency

For the following reasons:

Violating the provision of Item No. (2) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments,
the Company’s failure to disclose to the Kuwait Securities Exchange or the Authority the material information related to the Company signing on 28/12/2022 - represented by the former CEO - a request form with a foreign company to obtain cloud services worth USD 9,086,558.13, equivalent to KWD 2,786,847 (two million seven hundred and eighty-six thousand eight hundred and forty-seven Kuwaiti dinars only) to date.

The Resolution included the infliction of the following penalty: -

“Levying a fine against The Automated Systems Company in an amount of KWD 5000 (five thousand Dinars) for the first 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 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.