IssuerAnnouncementDetailsV2Portlet
Actions
United Mining Industries Company announces the latest developments on General Authority for Competition lawsuit
| Element List | Explanation |
|---|---|
| Lawsuit Opponent | General Authority for Competition |
| Name of the Plaintiff | The General Authority for Competition filed an appeal (as the appellant) against the Company (the appellee). |
| Type of the Lawsuit | Appeal before the Administrative Court of Appeal in Makkah Al Mukarramah Region on the decision of the Administrative Case No. (4082) of 1445H issued by the Administrative Case in Riyadh on 14/06/1445H (corresponding to 27/12/2023G). |
| Name and Location of the Competent Judicial Authority | Administrative Court of Appeal in Makkah Al Mukarramah |
| Date of Submitting the Lawsuit | 2023-09-20 Corresponding to 1445-03-05 |
| Summery of the Lawsuit and its Reasons | With reference to the company’s previous announcement dated 02/07/1445 AH corresponding to 14/1/2024 AD. and the supplementary prospectus issued on 03/05/1445H (corresponding to 09/20/202G) that the company received the decision of the General Secretariat of the Committee for Review and Adjudication of Competition Law Violations No. (233) and dated 02/21/1445H (corresponding to 09/06 /2023G), which includes imposing a penalty on the company, which is a fine of fourteen million and four hundred thousand (14,400,000) Saudi riyals. And that for company potential violation of the Competition Law and its implementing regulations accused of violation of Article 5, paragraph 1, of the Competition Law and paragraph (a) of Article 8 of the implementing regulations, through the agreement between the establishments to determine prices of goods, service fees, and terms of sale and purchase. The Company objected this decision. On 29/06/1445H (corresponding to 11/01/2024G), the Company received the decision issued on 14/06/1445H (corresponding to 27/12/2023G) by the Administrative Court in Riyadh to cancel the third paragraph of the decision of the Committee for Review and Adjudication of Competition Law Violations, number (233), dated 21/02/1445 H, thus canceling the Company's fine. Which the company previously announced on 02/07/1445 AH corresponding to 14/1/2024 AD. On 24/07/1445H (corresponding to 05/02/2024G), the General Authority for Competition filed its appeal before the Court of Appeal in Makkah Al Mukarramah (the Court). On 07/10/1445H (corresponding to 16/04/2024G), the Court issued its decision No. (7760) to annul the decision issued on 06/14/1445H in relation to the Administrative Case No. (4082) of 1445H for the twenty-second circuit of the Administrative Court in Riyadh, and the Court rejected the lawsuit filed by: United Mining Industries Company against: the General Authority for Competition. The Decision was received on 10/22/1445 AH (corresponding to 05/01/2024 AD) |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | (14,400,000) fourteen million and four hundred thousand Saudi Riyals. |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | The company will bear the amount of the prescribed fine, and the company does not expect any risks to its financial or operational position |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | The company is working to file an objection with the Supreme Administrative Court, and the company will announce later any Updates in the case. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
Key Parameters
Last Price 25.9
Net Change 0.5 (+1.97%)
Value Traded (Sar) 13,752.9
Volume Traded 531
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions