Imposition of a Fine on Mouwasat Medical Services Co.

​please replace this text with yoursThe Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of SR 20,000 (Twenty Thousand Saudi Riyals) on Mouwasat Medical Services Co. due to its violation of clause (A) of Article (40) of the Listing Rules and clause (B) of the Instructions for companies’ Announcements regarding their projects. The company failed to disclose in its announcement on the Saudi Stock Exchange (Tadawul)’s website on 28/05/2015 about signing a Memorandum of Understanding with Project Build Co. Ltd to carry out the construction work for the Mouwasat Hospital building in Al-Khobar. The company did not disclose the method of funding for the project, the financial impact on the company's results, and when will it start, the expected date to start pilot production of the project, and the expected date for commercial production of the project.