CMA imposes SAR 10,000 fine on Arabia Insurance

Logo of Arabia Insurance Cooperative Co.

The Capital Market Authority (CMA) board decided to impose a SAR 10,000 fine on Arabia Insurance Cooperative Co. for violating Paragraph (A) of Article 78 of the Rules on the Offer of Securities and Continuing Obligations.

In its statement, the company said the fine was imposed due to its failure to disclose accurate information in its announcement published on Tadawul on Aug. 5, 2024, regarding its preliminary financial results for the period ended June 30, 2024.

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According to data available with Argaam, Arabia Insurance reported in August 2024 that its earnings (loss) per share for H1 2024 stood at SAR 0.25, compared to SAR 0.39 a year ago.

It later issued a corrective announcement stating that the earnings (loss) per share for the period were SAR 0.40, compared to SAR 0.56 a year earlier.