Saudi market regulator imposes fines on five listed banks, companies

Saudi Arabia’s Capital Market Authority, the market regulator, said on Monday that it has imposed fines on five listed companies for their violation of disclosure rules, as listed below.

• Al Rajhi Bank was fined SAR 60,000 for their delay in disclosing the board’s recommendation of a capital raise and a cash dividend for H2-2013 two hours before the market opened on Jan. 19, 2014.

• Saudi Arabian British Bank (SABB) was fined SAR 30,000 for floating its shares to its employees in 2010, 2011, and 2012 without obtaining the authority’s approval.

• National Agriculture Development Company (NADEC) was fined SAR 20,000 for not disclosing its preliminary financial results for the period that ended on Dec. 31, 2013 about less than two hours before the market opened on Jan. 19, 2014.

• Saudi Transport and Investment Company (Mubarrad) was fined SAR 40,000 for failing to announce the resignation of three of its board members. The company also appointed new members, while failing to report a brief summary about their new members.

• Southern Province Cement Company was fined SAR 20,000 for not disclosing reasons for improving their profit compared to the previous quarter in its published financial results for the period that ended Dec. 31, 2013.