Imposition of a Fine on Raydan Co. due to the violation of a CMA Board resolution and the Listing Rules
Wednesday, October 04, 2017 at 3:08 PM
Wed Oct 4, 2017 15:08
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of 20,000 (Twenty Thousand Saudi Riyals) on Raydan Co. due to its violation of CMA Board resolution No. (1-29-2017) dated 17/6/1438 H corresponding to 16/03/2017, paragraph (e) of Article 42 and Article 43 of the Listing Rules, and paragraph (4) of the Instructions for Filling out the Electronic Disclosure Form No. (8) on corporate governance compliance. The Company failed to provide CMA and announce to the shareholders of the annual financial statements and the board of directors' report for the financial period ended in 31/12/2016 within the statutory period stipulated in the CMA Board resolution referred to above.