The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 20,000 ( Twenty Thousand Saudi Riyals) on Saudi Hotels & Resort Areas Co. due to its violation of clause (A) of Article (40) of the Listing Rules and sub-clause (5) of clause (A) of the Instructions for Companies’ Announcements. The company’s announcement, dated 18/02/2014 regarding its annual financial statements for the period ending on 31/12/2013, included a mistake in the numbers as they were mentioned as Thousands of Saudi Riyals whereas it should be in Millions.
Also, the company’s announcement, dated 19/02/2014, included incorrect information in regard to distributing cash dividends on shareholders for the second half of the fiscal year 2013.