Saudi Arabia’s capital markets regulator has slapped a fine on Zain Saudi Arabia chief executive officer (CEO) Saad al-Barrak for breaking disclosure rules.
According to a statement from the Capital Market Authority, Al-Barrak must pay SR50,000…
Saudi Arabia’s capital markets regulator has slapped a fine on Zain Saudi Arabia chief executive officer (CEO) Saad al-Barrak for breaking disclosure rules.
According to a statement from the Capital Market Authority, Al-Barrak must pay SR50,000 (US$13,333) for announcing plans for a capital hike of up to US$577m at a press conference in Kuwait on 19 May.
Under market rules, listed companies must inform the Saudi Stock Exchange first of any plans for a rights issue or a share buyback.
The Saudi regulator also imposed fines on three other companies for breaking disclosure rules.
Anaam International Holding Group’s CEO must pay US$13,333 for revealing part of the company’s first-quarter results at a press conference.
The regulator fined both Filling & Packing Materials Manufacturing Company and Arabian Pipes Company for failing to reveal that their boards had cancelled the dividend for 2009. They have to pay respectively SR200,000 and SR100,000.
In common with other Arab markets regulators, the CMA levies tiny fines by global standards.
