CMA fines Atheeb Telecom SAR 140,000 for flouting listing rules

The Saudi Capital Market Authority (CMA) has fined Etihad Atheeb Telecommunication Co. (Atheeb Telecom) SAR 100,000 for violating listing rules, the regulator said in a statement.

“The company presented misleading and incorrect information to the CMA related to the latest developments in the results of its participation and winning of the bidding offer of the bandwidth frequencies (700 MHz) and (1800 MHz), organized and supervised by the Communications and Information Technology Commission,” the statement said. 

A fine of SAR 40,000 was also imposed on the telco for failing to announce a major development on the Tadawul website in June last year.