Saudi Paper fined SAR 60,000 for disclosure violations

18/10/2016 Argaam

Saudi Paper Manufacturing Co. has been slapped with a SAR 60,000 fine by the Capital Market Authority (CMA) for violating disclosure rules, the CMA said in a statement.

 

Earlier in June, the company failed to publicly disclose the resignation of a board member, as well as its appointments of new members to the board.

 

The company did not disclose both updates until June 19, 2016, after the market closed for that day, CMA added.

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