Title: Announcement regarding issuance of Disciplinary Board Resolution No. (36/2024 Disciplinary Board) (20/2024 Authority) and imposition of a warning against: Kuwait Portland Cement Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (36/2024 Disciplinary Board) (20/2024 Authority) and imposition of a warning against: Kuwait Portland Cement Company for violating the rules of Disclosure and Transparency

For the following reasons:
1) The provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

Kuwait Portland Cement Company failed to disclose the financial impact of the judgment issued by the Court of Appeals that obligated the Company and others to pay the amount of KWD 1,273,180 (one million two hundred and seventy-three thousand and one hundred and eighty Kuwaiti dinars) in favor of Kuwait Portland Cement Company.

2) The provision of Article (4-6-3) of the same Module:

This is due to the failure of the aforementioned Company to properly disclose to Boursa Kuwait Securities Exchange the settlement mechanism related to its receipt of two properties, as these two properties were listed, at a value of KWD 3,450,000 (three million four hundred and fifty thousand Kuwaiti dinars), under the property and equipment item. The Company’s liabilities also increased by KWD 2,857,524 (two million eight hundred fifty-seven thousand and five hundred twenty-four Kuwaiti dinars) over the balances due on those properties, while the remaining amount not received until the date of the financial statements was included in the item of trade debtors and other receivables.

The Resolution included the infliction of the following penalty: -
“Levying a warning against Kuwait Portland Cement 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 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.