Imposition of a Fine on National Agricultural Marketing Co., due to the Violation of the Rules on the Offer of Securities and Continuing Obligations, the Capital Market Law and a CMA Circular.
Monday, September 16, 2019 at 3:49 PM
Mon Sep 16, 2019 15:49
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (80,000) Eighty Thousand Saudi Riyals on National Agricultural Marketing Co. due to its violation of Article (65) of the Rules on the Offer of Securities and Continuing Obligations. Where the Company did not provide the Authority with and did not disclose to the shareholders its board of directors' report for the financial year ending on 31/12/2018 G within the specified period, and where the company did not disclose that until 23/04/2019 G. In addition to its violation of paragraph (b) of Article (46) of the Capital Market Law and the CMA circular number (S/7/5/5977/18) dated 20/09/2018G. Where the Company did not provide the Capital Market Authority with a number of information related to it for the fiscal year ended on 31/12/2018G within the specified period for it, according to the schedule attached to the circular, not later than 40 calendar days from the end of its fiscal year, which is dated 09/02/2019G. In addition to its violation of paragraph (c) of Article (64) of the Rules on the Offer of Securities and Continuing Obligations. Where the Company did not disclose its interim financial statements for the period ending on 31-03-2019G within the specified period of 30 days after the end of the period covered in the financial statements, and where the company did not disclose such statements until 27/06/2019G.