CMA fines SADAFCO for regulatory rules violation

07/05/2019 Argaam

The Capital Market Authority (CMA) has imposed a fine of SAR 100,000 on Saudia Dairy and Foodstuff Co. (SADAFCO) due to its violation of the regulatory rules and procedures issued pursuant to the companies law relating to listed joint stock companies.

 

In Feb. 19, 2019, the company bought back 497,500 shares from its shares. This exceeds 10 percent of the buy-back amount approved by the extraordinary general assembly to be bought in one trading day, in addition to carrying the transaction out through a private transaction.

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