The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR100.000 (One Hundred Thousand Saudi Riyals) on Arabia Insurance Cooperative Company due to its violation of clause (A) of Article (46) of the Capital Market Law as well as sub-clause (1) of clause (B) Article (46) of the Listing Rules.
The company failed to inform CMA and the public about its Board of directors’ recommendation taken on the meeting held on 5/11/2013 in regard to increase the company’s capital through rights issue offering of 100 million Saudi Riyals. It was later announced on 18/11/2013.