Imposition of a Fine on Saudi Transport and Investment Co.(Mubarrad)
Wednesday, April 06, 2016 at 4:06 PM
2016-04-06 (1437-06-28) 16:06:13
The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 20,000 (Twenty Thousand Saudi Riyals) on Saudi Transport and Investment Co. (Mubarrad) due to its violation of paragraph (A) of Article (40) of the Listing Rules. The company disclosed incorrect information in its announcement on the Saudi Stock Exchange (Tadawul)'s website on 18/10/2015 regarding its interim financial results for the period ending on 30/09/2015 (nine months) regarding the reasons behind the decrease in the 2015 third quarter Net Profit compared to the same quarter of the previous year. It was corrected on announcement on the same day explaining the correct reason behind the decrease.