Riyadh –The Saudi Capital Market Authority (CMA) has imposed a SAR 40,000 fine on SABB Takaful due to the company’s violation of paragraph (5) of Article (63) of the rules and regulations on the offer of securities and continuing obligations.

The penalty comes as SABB Takaful did not disclose the resignation of its board member Ian Keith Moore on the website of the Saudi Stock Exchange (Tadawul), which took place on 15 November 2019, until 21 November 2019.

Under market rules and regulations, listed companies must immediately and without delay disclose such events to the market authority and the general public.

It is worth noting that the Saudi British Bank (SABB) owns a 65% stake in the insurance firm.

 

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.