Saudi market regulator slaps 15 firms with fines for violations

The Saudi Capital Market Authority (CMA), the stock market regulator, has fined on Monday 15 listed companies for violating disclosure and transparency rules.

Some of the market’s violations include withholding fundamental news, and publishing late or misleading financial results.

Fined Companies
Reason	Fines (SAR)	Entity Name
Late publishing	20,000	Dar Al-Arkan Real Estate Development
Not disclosing BOD approval	260,000	Al-Ahsa Development
Late publishing	10,000	Al-Sorayai Group
Not disclosing 2014 financial results	120,000	Saudi Cable Co.
Misleading financial results	20,000	Al Tayyar Travel Group
Late publishing of H1-2014 dividend	20,000	Southern Region Cement Co.
Not publishing correct time for 2013 dividend	40,000	TADCO
Late publishing of CMA approval for its proceedings	10,000	Al Ahlia Insurance Co.
Misleading financial results	20,000	Tabuk Cement Co.
Misleading financial results	10,000	Umm Al Qura Cement Co.
Not Publishing its GA meeting date on Tadawul	20,000	Solidarity Saudi Takaful Co.
Late publishing	700,000	Sand Insurance and Reinsurance Co.
Not Publishing its capital raise updates on Tadawul	100,000	Ma’aden
Not publishing the date of its BOD meeting	40,000	Al-Sagr Cooperative Insurance co.
Misleading financial results	40,000	Saudi Fisheries Co.

Argaam reports

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