The Capital Market Authority announces the issuance of a CMA Board resolution to impose penalty of SR 10,000 (Ten Thousand Saudi Riyals) on AXA Cooperative Insurance Co., CHUBB Arabia Cooperative Insurance Co., Saudi Cable Co., United Cooperative Assurance Co., Bank Aljazira, Etihad Atheeb Telecommunication Co., Rabigh Refining and Petrochemical Co., Development Works Food Co., Due to the contravention of the provisions set forth in Article (101) and (224) of the Companies Law, since the above-mentioned companies have not formed non-executive director audit committees by a resolution of the Ordinary General Assembly, during the specified period granted to the companies which ended on 21/04/2017.
