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Imposition of a Fine on BAAN Holding Group Co. due to the violation of the Rules on the Offer of Securities and Continuing Obligations, and the Instructions for Companies’ Announcements

Capital Market Authority (CMA) announces the issuance of a CMA's Board resolution to Impose a fine of (50,000) fifty Thousand Saudi Riyals on BAAN Holding Group Co., due to its violation of paragraph (a) of Article (78), and paragraph (a) of Article (79) of the Rules on the Offer of Securities and Continuing Obligations, and subparagraph (5) of paragraph (b) of item (2) “Announcement Form for Signing a Contract or Project" of the Instructions for Companies' Announcement regarding contracts of the Instructions for Companies' Announcements . Where the Company fails to oblige to the following:

  • Disclose to the CMA and the public, immediately and without delay any material developments in its sphere of activity which are not public knowledge, and which may affect the assets and liabilities or financial position, due to the delay in disclosing the awarding of a project to provide catering services at a residential complex in NEOM ("the Project") on 17/12/2023G. Where the Company did not disclose that on the Saudi Exchange (Tadawul) Company's website until 22/01/2024G.
  • Disclose completely in its announced published on 22/08/2024G on the Saudi stock exchange (Tadawul) Company's website, regarding signing of the contract for the above-mentioned project, by not disclosing the specified contract period. Where the Company did not disclose that until 11/09/2024G.