Saudi market regulator imposes fines on 5 listed companies, including STC

Saudi Arabia’s Capital Market Authority, the market regulator, imposed fines on 5 listed companies including Saudi Telecom Co, or STC, for violation of disclosure rules:

Saudi Telecom Co, or STC, was fined SAR 80,000 for not updating its electronic disclosure form.

Abdullah A. M. al-Khodari Sons Company was fined SAR 10, 000 for not disclosing its preliminary financial results for the period that ended Dec 31, 2013 as soon as it was known.

National Medical Care Company was fined SAR 10, 000 for withholding the news of the resignation of one of its board members and appointing a new one until two hours before the market opened.

The Aran National Bank was fined SAR 110,000 and SAR 10,000 for not detailing the dividends due date and for not immediately disclosing the outcome of its board meeting.

Saudi Public Transport Co (SAPTCO) was fined SAR 10,000 for disclosing misleading information about its profit. The company said that its profit gained because of an increase in revenue and trips, while the real reason was a drop in marketing and sales costs.