CMA fines Etihad Atheeb for violating securities offer rules

Logo og Etihad Atheeb Telecommunication Co.

The Capital Market Authority (CMA) imposed a fine of SAR 120,000 on Etihad Atheeb Telecommunication Co. (GO) for its violation of Articles (61) and (62) of the Rules on the Offer of Securities and Continuing Obligations, according to a statement today, May 8.

The market regulator said GO failed to timely disclose to CMA and the public the awarding of six contracts on June 22, June 23, June 30 and Oct. 27, 2022.

Furthermore, the company did not disclose to CMA and the public, immediately and without delay, about sealing six contracts with revenues equal to or greater than 5% of gross revenues in accordance with the audited financial statements for the year ended March 31, 2022.

CMA also noted that GO announced of these contracts on the Saudi Exchange’s (Tadawul) website on Oct. 27, Nov. 3 and Nov. 6, 2022.