Al Sagr fined SAR 10,000 for violating regulatory rules

The Capital Market Authority (CMA) imposed a fine of SAR 10,000 on Al Sagr Cooperative Insurance Co. on violation of paragraph (a) of Article (62) of the rules on the offer of securities and continuing obligations, and paragraph (d) of the general instructions for announcements.

The market regulator said in a statement that the fine was issued since the insurer did not disclose to it and the public, without delay, the new fundamental development on a previously announced development.

It clarified that the term of assignment of Al Sagr CEO Talal Abdulaziz Fida expired on November 23, 2019; however, the company did not disclose it on the Saudi Stock Exchange (Tadawul) until March 12, 2020.