CMA fines Alkhorayef Water on delay in disclosure of material development

16/11/2021 Argaam

Logo of Alkhorayef Water and Power Technologies Co.

The Capital Market Authority (CMA) imposed a fine of SAR 20,000 on Alkhorayef Water and Power Technologies Co. (AWPT) for violating the Rules on the Offer of Securities and Continuing Obligations, according to a CMA statement.  

  

Alkhorayef failed to disclose a material development related to bagging a contract, which will account for more than 5% of its revenue, during the legally specified period, before the start of the trading on Sept. 12, 2021.  

 

The company disclosed this development to Saudi Exchange (Tadawul) only after the close of trading on Sept. 12, the CMA added.   

  

On Sept. 12, Alkhorayef bagged an operation and maintenance contract for Uglat Alsugoor and Dariyah governorates, as well as Al-Qassim Province’s villages and districts, from the Ministry of Environment, Water and Agriculture, Argaam reported. 

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