CMA imposes SAR 80,000 fine on Tihama for delay in disclosing judicial rulings

Logo of Tihama Advertising

The Capital Market Authority (CMA) imposed a fine of SAR 80,000 on Tihama Advertising and Public Relations Co., due to its violation of Article No. 30 of the Listing Rules, and paragraph (d) of the Part “General Instructions" of the Instructions for Companies announcements, and paragraph (6) of Article No. 63 of the Rules on the Offer of Securities and Continuing Obligations and paragraph (26) of Article No. 62 of the Rules on the Offer of Securities and Continuing Obligations.

The company did not disclose two new material developments regarding the previously announced material development on the Saudi Exchange's (Tadawul) website on March 21, 2017, as soon as possible and before the trading period following the occurrence of the relevant events, where a judgment was issued by the Commercial Court in Riyadh on May 15, 2018 and a judgment was issued by the Court of Appeal in Riyadh on December 16, 2018 and the company did not disclose that on Tadawul's website until May 10, 2021.

In addition, the company did not disclose to CMA and the public, immediately and without delay, of a lawsuit that was filed against it before the General Court in Riyadh on Sept. 5, 2019, and a judgment was issued against it by the General Court on Jan. 20, 2021, and about a judgment was issued by the Court of Appeal on May 19, 2021 and the company did not disclose that on the Tadawul's website to date.