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Two listed Saudi firms fined

Riyadh, April 25, 2010

The Saudi bourse watchdog has fined two listed firms a total of 150,000 Saudi riyals ($40,000) for violating bourse regulations.

The Capital Market Authority (CMA) fined insurance firm, Allied Cooperative Insurance Group (ACIG), with 50,000 riyals for not immediately informing regulator of senior management changes and another 50,000 riyals for announcing their earning results late, it said in a statement on Sunday.

Real estate firm Saudi Real Estate Co was also fined 50,000 riyals for delay in notifying the authority about changes in its senior management.

The regulator has stepped up its efforts to clamp down on irregularities by slapping hefty fines on firms and investors found guilty of violations. - Reuters

Tags: Saudi | CMA | stock market | listed firms |

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