Imposition of a Penalty on Saudi Paper Manufacturing Co.

​The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 10,000 (Ten Thousand Saudi Riyals) on  the Saudi Paper Manufacturing Co. due to its violation of sub-clause (3) of clause (A) of the  Board’s Resolution numbered (9-28-2014) and dated 20/07/1435H corresponding to 19/05/2014. The company traded the shares of Abdulmohsen Alhokair group for Tourism and Development Co. (short-term investment) through its investment portfolio without informing CMA about the contract with Falcom Financial Services to manage its portfolio.