Imposition of a Fine on Al-Baha Investment and Development Co. due to the Violation of the Rules on the Offer of Securities and Continuing Obligations and the Instructions for Companies Announcements
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (20,000) Twenty Thousand Saudi Riyals on Al-Baha Investment and 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 published on 25/08/2020, regarding its interim financial results for the financial period ending on 30/06/2020. The Company stated in its announcement that the total shareholders’ equity, after deducting minority’s equity, for the similar period in the previous year amounted to SAR (136,292,674) and the change percentage is (0.425%). On 27/08/2020 the company published a corrective announcement stating that the total shareholders’ equity (after deducting the minority’s equity) for the similar period in the previous year amounted to (141,022,499) and the change percentage is (-2.94%).