The CMA announces issuance of CMA Board regarding imposing a penalty of SR (100.000) on the Saudi Integrated Communication Company (Almutakamela) for violation of clause (a) of Article (46) of the CMA Law, and clause (a) of Article (41) of the Listing Rules. The company failed to notify the CMA and the public in due time that it has already agreed with the Communication and Information Technology Commission  to satisfy all authorization requirements within sixteen days from 20/5/2012, including payment of full amounts for allocation of the frequency and submission of the performance bond. The news about this agreement was announced by the company on 12/6/2012 only.

A penalty of SR (100.000) also was imposed on the same company for violation of clause (a) of Article (46) of the CMA Law. The Company failed to notify the CMA in writing and in due time of not receiving of any amounts out of the bill accrued on 1/6/2011. The founders have already undertaken to extend financial support in the amount of SR 2.8 billion to the company to enable it to meet the operating capital and other capital expenses requirements, to be paid in four annual installments starting June 2011, as reflected in the company’s prospectus and financial statements for the period 14 June 2011-31 December 2011.