CMA issues SAR 80,000 fine on Ash-Sharqiyah for violating disclosure rules

03/09/2020 Argaam

The Capital Market Authority (CMA) imposed a fine of SAR 80,000 on Ash-Sharqiyah Development Co. for violating the regulatory rules related to offering of securities and continuing obligations, as well as disclosure of incorrect information for financial period ending on March 31, 2020, the market regulator said in a statement.

 

The company had stated increase in net losses for the current quarter compared to the previous quarter. Subsequently, it published a corrective announcement stating there is a decrease in net losses on June 1, 2020.

 

Furthermore, the company disclosed incorrect information in its announcement on Ju

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