Imposition of a Fine on Al Sagr Cooperative Insurance Co. due to the Violation of the Rules on the Offer of Securities and Continuing Obligations and the Instructions for Companies Announcements
Thursday, July 23, 2020 at 4:07 PM
Thu Jul 23, 2020 16:07
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (10,000) ten Thousand Saudi Riyals on Al Sagr Cooperative Insurance Co., due to its violation of paragraph (a) of Article (62) of the Rules on the Offer of Securities and Continuing Obligations, and paragraph (d) of the “General Instructions” of the Instructions for Companies Announcements. Where the Company did not disclose to the Authority and the public, without delay, a new fundamental development on a previously announced fundamental development, where the assignment of its CEO Mr. Talal Abdulaziz Fida has expired on 23/11/2019 and the company did not disclose that on the Saudi Stock Exchange’s (Tadawul) website until 12/03/2020G.