The Capital Market Authority announces the issuance of a CMA Board resolution to impose two penalties of SR 170,000 (One Hundred and Seventy Thousand Saudi Riyals) on Arab National Bank due to its violation of clause (A) of Article (46) of the Capital Market Law and sub-clause (1) of clause (B) of Article (46) of the Listing Rules. The bank failed to inform CMA and the public in a timely manner about its Board of Directors’ recommendation (in the extraordinary general assembly meeting held on 15/12/2013) to increase its capital until it was later announced on 19/12/2013. The bank also violated clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) of the Listing Rules. It failed to inform CMA and the public in a timely manner about appointing Riyadh Burhan Taher Kamal as a representative member for the Arab Bank- Amman in the Board of Directors of the Arab National Bank instead of  Mohammed Abdulhameed Shumaan once the decision to appoint him was issued by the Arab Bank- Amman in its meeting on 24/06/2013. It was later announced on 11/12/2013.