United Mining says court rejects claim against GAC; SAR 14.4M financial impact

02/05/2024 Argaam
Logo of United Mining Industries Co. (UMI)

Logo of United Mining Industries Co. (UMI)

United Mining Industries Co. (UMI) said that the court of appeal rejected its lawsuit against the General Authority for Competition (GAC), overturning a previous ruling issued by the Riyadh Administrative Court. The judgment was received on May 1.

 

In a statement to Tadawul, the company expected a financial impact of SAR 14.4 million from this ruling, adding that it will pay the fine. No financial or operational risks are expected.

 

UMI plans to appeal this decision before the Supreme Administrative Court. Any other updates will be duly announced, the company added.

 

In its supplementary prospectus, the miner said it was driven by changes in the information mentioned in the initial prospectus related to the legal action brought by GAC against seven institutions. UMI was fined SAR 14.4 million, Argaam earlier reported.

 

The company was said to have violated the competition law.

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