Title: Announcement regarding issuance of Disciplinary Board Resolution No. (04/2025 Disciplinary Board) (102/2024 Authority) and imposition of a fine against: Palms Agro Production Company for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (04/2025 Disciplinary Board) (102/2024 Authority) and imposition of a fine against: Palms Agro Production Company for violating the Listing Rules.

For the following reasons:
Violation of the provision 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. The Company held its annual ordinary general assembly for the financial year that ended on 31/12/2023 on 5/6/2024, which exceeded the two months period of the date to provide the CMA with the audited annual financial statements on 28/03/2024 by eight days, as the last day for holding the Company’s annual ordinary general assembly was 28/5/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Palms Agro Production Company in an amount of KWD 5,000 (five 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.