The Kuwait Capital Markets Authority issued a Disciplinary Board resolution imposing a financial penalty on Burgan Well Drilling, Trading & Maintenance Co. for breaching disclosure and transparency requirements by not disclosing material information to the Kuwait Stock Exchange. The breach relates to Clause 24 of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010, which requires listed companies to disclose, immediately upon issuance, the Authority’s approval to buy or sell treasury shares. The company was found to have failed to disclose the Authority’s approval issued on 5 March 2025 to renew its right to deal in treasury shares, resulting in a KD 5,000 penalty.
Kuwait Capital Markets Authority 2025-10-13
Kuwait Capital Markets Authority fines Burgan Well Drilling KD 5,000 for failing to disclose approval to trade treasury shares
The Kuwait Capital Markets Authority imposed a KD 5,000 penalty on Burgan Well Drilling, Trading & Maintenance Co. for failing to disclose material information to the Kuwait Stock Exchange. The breach involved not disclosing the Authority’s approval to renew its right to deal in treasury shares, violating Clause 24 of Article (4-1-1) of Module Ten of the Executive Bylaws of Law No. 7 of 2010.