Kuwait Court of Cassation principle number 847

A shareholder in a shareholding company listed on the Kuwait Stock Exchange. His obligation to notify the Exchange and the company’s board of directors by registered letter with acknowledgment of receipt of every direct or indirect interest he has in the company’s shares whenever his shareholding is five percent or more. - Shareholding companies. They must disclose the names of their shareholders whose shareholdings are not less than five percent or more of their capital at any time, and every change in this percentage, within the prescribed time limits and by the means specified by the Exchange. - The management of the Kuwait Stock Exchange. It must take the necessary measures to verify the accuracy of the information it receives from shareholding companies, interested parties, and third parties, and submit it to the Exchange Committee to take whatever action it deems appropriate concerning it. Its discovery of a violation of the provisions of Law No. 2 of 1999 concerning Disclosure of Interests in Shares of Shareholding Companies or decisions issued pursuant thereto. Its effect. Exclusion of the shares involved in the violation from the quorum necessary for the valid convening of the company’s general assembly and from the voting required on the resolutions it adopts, for two electoral terms.