CMA imposes penalties on seven listed firms

The Saudi Capital Market Authority (CMA) has imposed penalties on the following firms:
 
 

1. A penalty of SAR 30,000 on the Advanced Petrochemical Company for violating Article 40, Paragraph B on listing regulations. The company failed to disclose to the public the results of its ordinary general assembly meeting held on September 29, 2013, which renewed the tenure of board members for a third time. The company announced the news less than two hours before the opening of trading on September 30, 2013.

2. A penalty of SAR 10,000 on the Saudi Electricity Company for violating Article 46, Paragraph A of the Capital Market Law, and Article 41, Paragraph A of listing regulations. The company failed to disclose to the public the decision of its board of directors on July 21, 2013 on the establishment of Al-Shaqiq steam generation plant jointly with Hyundai for Heavy Industries Co. The company announced the news on August 4, 2013.

3. A penalty of SAR 60,000 on the Saudi Fisheries Company for violating Article 46, Paragraph A of the Capital Market Law and Article 41, Paragraph A of listing regulations. The company failed to disclose to the Authority and the public within the deadline set by regulators, the decision of its board on August 26, 2013 to continue the founding and operating the Omq Fishery Project,  whose sales are expected to reach SAR 90 million annually. The company announced the news on September 10, 2013.

4. A penalty of SAR 100,000 on Al Tayyar Travel Group Holding for violating Article 45, Paragraph C of the Capital Market Law disclosing to Al-Jazira newspaper on October 30, 2013 confidential information before disclosing the said information to the Authority.

5. A penalty of SAR 70,000 on Tihama Advertising, Public Relations and Marketing Holding for violating Article 46, Paragraph A of the Capital Market Law, and Article 41, Paragraph A of listing regulations. The company failed to disclose to the Authority and the public within the deadline set by regulators, the decision of its board on September 18, 2013 to appoint Mr. Ahmed bin Abdelrahman bin Fahd Al-Hamoudi as non-executive board member. The company announced the news after the close of trading on September 19, 2013.

6. A penalty of SAR 70,000 on Salama - Islamic Arab Insurance Company for violating Article 34, Paragraph A of listing regulations and the guidelines of Electronic Disclosure Forms 1, 5 and 6 approved by a decision of the Board of Directors of the Authority (No. 1-39-2012) on December 23, 2012. The company failed to send Electronic Form No. 1 and to update Forms 5 and 6.

7. A penalty of SAR 140,000 on Wafa Insurance for violating Article 34, Paragraph A of listing regulations and the guidelines of Electronic Disclosure Forms 1, 5 and 6 approved by a decision of the Board of Directors of the Authority (No. 1-39-2012) on December 23, 2012. The company failed to send Electronic Form No. 1 and to update Forms 5 and 6.