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|11 October, 2018

Saudi CMA imposes $47,988 fine on Medgulf

The fine was imposed after the company violated the listing rules and corporate governance regulations

Waleed AlBawardi (R), Executive Director of Cash markets at Saudi Stock Exchange (Tadawul), and Mohammed Al Shroogi, Chairman of the Board of Directors at the L'azurde Company for Jewellery, attend a ceremony for the listing of L'azurde at Tadawul, in Riyadh, Saudi Arabia June 29, 2016.

Waleed AlBawardi (R), Executive Director of Cash markets at Saudi Stock Exchange (Tadawul), and Mohammed Al Shroogi, Chairman of the Board of Directors at the L'azurde Company for Jewellery, attend a ceremony for the listing of L'azurde at Tadawul, in Riyadh, Saudi Arabia June 29, 2016.

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Thursday fined Mediterranean and Gulf Insurance and Reinsurance Co. “Medgulf”.

The fine worth SAR 180,000 ($47,988) was imposed after the company violated the listing rules and corporate governance regulations, the CMA said in a statement to the Saudi Stock Exchange (Tadawul).

The violation was the financial years 2008 until 2017.

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Medgulf’s stock closed Thursday in the green, adding 2.13% to SAR 15.36.

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