The Kuwait Capital Markets Authority issued Disciplinary Board Resolution No. 51/2024 in Case No. 38/2024, imposing a fine on National Consumer Holding Company for breaching disclosure and transparency requirements. The breach related to Articles 4-1-1 and 4-6-3 of Module Ten (Disclosure and Transparency) of the Executive Bylaws to Law No. 7 of 2010, as amended. The Authority found that the company failed to disclose on the Boursa Kuwait Securities Exchange website the financial impact of completing an acquisition, quantified as KWD 6,498,640, despite announcing completion of the acquisition on 10 August 2023 and stating that the acquired company’s financial data would be consolidated as a subsidiary from the third quarter of 2023. The resolution levied a fine of KWD 3,000.
Kuwait Capital Markets Authority 2025-01-13
Kuwait Capital Markets Authority issues disciplinary board resolution fining National Consumer Holding Company KWD 3,000 for disclosure and transparency breach
The Kuwait Capital Markets Authority issued Disciplinary Board Resolution No. 51/2024, fining National Consumer Holding Company KWD 3,000 for breaching disclosure and transparency requirements. The company failed to disclose the financial impact of an acquisition, valued at KWD 6,498,640, on the Boursa Kuwait Securities Exchange website.