25 August 2016
JEDDAH: Three listed companies, found to have violated the policies of the Capital Market Authority (CMA), have been penalized.
The CMA has imposed fines totaling SR100,000 on them as they were found to have violated its policies, the authority stated.
The CMA levied a penalty of SR40,000 on Ash-Sharqiyah Development Co. for violating the capital market law and listing regulations.
Salama Cooperative Insurance Co. and Al-Jouf Cement Co. were fined SR30,000 each for violating corporate governance rules.
Al-Jouf Cement Co violated paragraph A of Article 14 of the corporate governance regulations, according to the CMA statement posted on Tadawul.
CMA added that the company had failed to set up an audit committee; its members are not less than three excluding executive board members.
The company also did not appoint a replacement member from July 14, 2015 to April 21, 2016.
© Arab News 2016