Imposition of a Fine on Saudi Industrial Export Co.

Thursday, April 07, 2016 at 4:19 PM

2016-04-07 (1437-06-29) 16:19:31

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of SR 10,000 (Ten Thousand Saudi Riyals) on Saudi Industrial Export Co.due to its violation of paragraph (A) of Article (46) of the Capital Market Law and paragraph (A) of Article (41) of the Listing Rules. The company failed to inform CMA and the public in a timely manner about the approval, on 15/02/2016, to cancel the exclusive representation of distributing AFIA international company for south of Jeddah and east of Riyadh. It was later announced on 18/02/2016.