​The Capital Market Authority announces the issuance of a CMA Board resolution to impose penalties of SR 140,000 (One Hundred and Forty Thousand Saudi Riyals) on Banque Saudi Fransi due to its violation of clause (A) of Article (46) of the Capital Market Law and sub-clauses (1) and (2) 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 on its meeting on 09/01/2014 for the extraordinary general assembly to increase the bank’s capital through the issuance of bonus shares which was later announced on 13/01/2014. It also violated clause (B) of Article (40) of the Listing Rules as it was late to inform the public about its Board of directors’ recommendation in the meeting held on 09/01/2014 for the extraordinary general assembly to increase the bank’s capital through the issuance of bonus shares. It was later announced only less than two hours before the market opens on 13/01/2014.  

The bank also violated clause (E) of the General Instructions that must be taken into Account by Companies when publishing their Announcements as it announced its annual financial statements for the period ending on 31/12/2013 less than two hours before the market opens on 13/01/2014 without waiting to announce it after the market closes. It also violated clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) of the Listing Rules for not informing CMA and the public in a timely manner about its Board of directors’ decision on 26/05/2014 to assign Mr. Ammar Abdulwahed Faleh Alkhudairy as an independent member at the Board of directors. It was later announced on 29/05/2014.