Imposition of a Fine on Red Sea International Company, due to the violation of the Rules on the Offer of Securities and Continuing Obligations.
The Capital Market Authority (CMA) announces the issuance of a CMA's Board resolution to impose a total fine of (40,000) Forty Thousand Saudi Riyals on Red Sea International Co., due to its violation of paragraph (A) of Article (79) of the Rules on the Offer of Securities and Continuing Obligations Amended by the CMA's Board Resolution Number (3-6-2024) dated 17/01/2024G, Where the Company did not disclose to the CMA and the public without delay the signing by its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. (“Subsidiary”) of a contract valued at SAR (1,522,059,988) on 11/07/2024G. The company did not disclose that on the Saudi Exchange (Tadawul) Company's website until after the end of the trading session on 17/09/2024G.
And its violation of paragraph (A) of Article (64) of the Rules on the Offer of Securities and Continuing Obligations Amended by the CMA's Board Resolution Number (3-114-2024) dated 07/10/2024G, Where the Company did not disclose to the CMA and the public without delay the signing by the "Subsidiary" of a contract valued at SAR (265,997,461) on 19/01/2025G. The company did not disclose that on the Saudi Exchange (Tadawul) Company's website until after the end of the trading session on 20/01/2025G.
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