Imposition of a Fine on Amana Cooperative Insurance Co.

​The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 20,000 (Twenty Thousand Saudi Riyals) on  Amana Cooperative Insurance Co. due to its violation of paragraph (A) of Article (40) of the Listing Rules. The company disclosed incorrect information in its announcement on the Saudi Stock Exchange (Tadawul)'s website on 10/02/2015 regarding the surplus in insurance transactions.. It was later corrected by the company in an announcement on 11/02/2015 where the company clarified that it had deficit in insurance transactions and not surplus. The deficit reached 21,842 Thousand Saudi Riyals during January 2015.