​The Capital Market Authority announces the issuance of a CMA Board resolution to impose two fines in total of SR 200,000 (Two Hundred Thousand Saudi Riyals) on Altayyar Travel Group 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 about extending its contract with the Ministry of Education which was later announced on 15/03/2015.

The company also violated clause (A) of Article (40) of the Listing Rules and clause (5) of clause (A) of the General Instructions that must be taken into Account by Companies when publishing their Announcements due to disclosing incorrect and misleading information on the Saudi Stock Exchange (Tadawul)’s website on 10/06/2014 about the contract  to provide ticketing services with the Ministry of Education (previously known as the Ministry of Higher Education) as it stated that dealing with the Ministry of Education is still valid and the company did not receive any indication of not renewing the contract until this date. On the other hand, on 15/03/2015 the company announced on the Saudi Stock Exchange (Tadawul)’s website that it is extending its contract with the Ministry of Education starting from 01/04/2015.

The CMA Board has also issued its resolution to refer to the Bureau of Investigation and Public Prosecution a suspicion of a violation by one of the Board members of Altayyar Travel Group of Article (49) of the Capital Market Law and Article (7) of the Market Conduct Regulations for failing to make a statement required to be made in relation to the mentioned contract.