Imposition of a Penalty on Jazan Development Co

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 30,000 (Thirty Thousand Saudi Riyals) on Jazan Development Co due to its violation of clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) of the Listing Rules. The company failed to inform CMA and the public in a timely manner about its Board of Directors decision to end the delegation of Khalid Ibrahim AlOmereeny as the company’s General Manager on 15/01/2014. It was later announced on 16/01/2014 after the market close.

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Imposition of a Penalty on Jazan Development Co