CMA fines Al Naqool for disclosure breach

Logo of Mohammed Hasan AlNaqool Sons Co. (Al Naqool)

The Saudi Capital Market Authority’s (CMA) board of directors imposed a SAR 20,000 fine on Mohammed Hasan Al Naqool Sons Co. (Al Naqool) for breaching paragraph (11) of Article 62 of the Rules on the Offer of Securities and Continuing Obligations.

 

The CMA said the penalty followed the company’s failure to immediately disclose that its chairman provided SAR 13.93 million in July 2021 to buy a land plot in Al Malqa, north of Riyadh, during the fiscal period ended Dec. 14, 2022.

 

The chairman had also extended SAR 13.25 million in financing to the company between July and December 2021, exceeding 1% of revenues as per the 2020 audited income statement, the market regulator noted.

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