Title: Announcement regarding issuance of Disciplinary Board Resolution No. (34/2025 Disciplinary Board) - (31/2025 Authority) and imposition of a fine against: 1- Sultan Center Food Products Company. 2- Chairman of the Board of Directors. 3-Vice Chairman of the Board of Directors. 4- Board Members (3 members). 5- Chief Executive Officer (CEO). 6- Executive Finance Manager, for violating the Listing Rules and Corporate Governance

Announcement regarding issuance of Disciplinary Board Resolution No. (34/2025 Disciplinary Board) - (31/2025 Authority) and imposition of a fine against:  1- Sultan Center Food Products Company. 2- Chairman of the Board of Directors. 3-Vice Chairman of the Board of Directors. 4- Board Members (3 members). 5- Chief Executive Officer (CEO). 6- Financial Manager, for violating the Listing Rules and Corporate Governance

For the following reasons:

First: Sultan Center Food Company violated the provision 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 that the Company has not ensured the accuracy and integrity of the data and information that must be disclosed, as the Company did not perform its assigned role prior to issuing its financial statements for the financial year ending on 31/12/2024, as the evaluation report prepared on the financial statements for the financial year ending on 31/12/2024 was not based on sound principles in studying the decline.

Second: Each of the following:
1. Chairman of the Board of Directors of Sultan Center Food Products Company.
2. Vice Chairman of the Board of Directors of Sultan Center Food Products Company.
3. Member of the Board of Directors of Sultan Center Food Products Company.
4. Member of the Board of Directors of Sultan Center Food Products Company.
5. Member of the Board of Directors of Sultan Center Food Products Company.

This is due to their violation of the provision of Item (5) of Article (3-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

It was proven to the CMA that they did not fulfill their duties and responsibilities towards ensuring the accuracy and integrity of the data and information that must be disclosed. The Board of Directors did not perform its role prior to the issuance of Sultan Center Food Products Company of its financial statements for the financial year ending on 31/12/2024, as the evaluation report prepared on the financial statements for the financial year ending on 31/12/2024 was not based on sound principles in studying the decline. 

Third: Each of the following:
1. Chief Executive Officer of Sultan Center Food Products Company.
2. Executive Finance Manager of Sultan Center Food Products Company.

They violated the provision of Item (4) of Article (3-11) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments: 

It was proven to the CMA they did not fulfill their duties and responsibilities towards ensuring the accuracy and integrity of the data and information that must be disclosed. They did not perform their assigned role prior to the issuance of Sultan Center Food Products Company of its financial statements for the financial year ending on 31/12/2024, as the evaluation report prepared on the financial statements for the financial year ending on 31/12/2024 was not based on sound principles in studying the decline. 

The Resolution included the infliction of the following penalty: -
“First: Levying a fine against Sultan Center Food Products Company in the amount of KWD 10,000 (ten thousand Dinars) for the attributed violation in all its items.

Second: Levying a fine against each of:
1. Chairman of the Board of Directors.
2. Vice Chairman of the Board of Directors.
3. Member of the Board of Directors.
4. Member of the Board of Directors.
5. Member of the Board of Directors.
In the amount of KWD 5000 (five thousand Dinars) on each one of them for the attributed violation in all its items.

Third: Levying a fine against each of:
1. Chief Executive Officer of Sultan Center Food Products Company.
2. Executive Finance Manager of Sultan Center Food Products Company.
in the amount of KWD 8000 (eight thousand Dinars) on each one of them for the attributed violation in all its items”. 

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.