Imposition of a Fine on Keir 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 fine of (10,000) Ten Thousand Saudi Riyals on Keir International Company due to its violation of paragraph (11) of Article (80) of the Rules on the Offer of Securities and Continuing Obligations Amended by the CMA's Board Resolution Number (8-5-2023) Dated 18/01/2023G, Where the Company did not disclose to the CMA and the public immediately and without delay regarding the following:
1- An interest free loan provided by the former chairman of the board of directors -for the term ending on 01/11/2025- to the Company on 20/06/2023, in the amount of (4,154,812.75) Saudi Riyals, which exceeds (1%) of the gross revenues of the Company according to the annual financial statements of the period ended on 31/12/2022 – the latest audited annual financial statements at that time-.
1- An interest free loan provided by a former member of the board of directors -for the term ending on 01/11/2025- to the Company on 05/10/2023, in the amount of (4,270,000) Saudi Riyals, which exceeds (1%) of the gross revenues of the Company according to the annual financial statements of the period ended on 31/12/2022 – the latest audited annual financial statements at that time-.
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