Imposition of a Fine on Eastern Development Co., due to the Violation of the Rules on the Offer of Securities and Continuing Obligations, And the Instructions for Companies Announcements.
Monday, April 20, 2020 at 3:35 PM
Mon Apr 20, 2020 15:35
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (20,000) twenty Thousand Saudi Riyals on Eastern Development Co. due to its violation of paragraph (a) of Article (61) of the Rules on the Offer of Securities and Continuing Obligations, And subparagraph (5) of paragraph (a) of the part “General Instructions” of the Instructions for Companies announcements. Where the Company disclosed incorrect information in its announcement on 03/11/2019, regarding its interim financial results for the financial period ending on 30/09/2019. The Company stated that the total shareholders equity after deducting minority equity for the current period amounted to (-210,374,370) and amounted for the similar period for the previous year (-213,642,096). On 14/11/2019 the company published a corrective announcement stating that the total shareholders equity after deducting the minority equity for the current period amounted (210,374,370) and amounted for the similar period of previous year is (213,642,096).