​The Capital Market Authority announces the issuance of a CMA Board resolution to impose two penalties in total of SR 120,000 (One Hundred and Twenty Thousand Saudi Riyals) on Sanad Insurance and Reinsurance Cooperative Company  due to its violation of clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) and sub-clause (1) of clause (B) of Article (46) of the Listing Rules. The company failed to inform CMA and the public in a timely manner about its request from the Saudi Arabian Monetary Agency to increase its capital by way of rights issue worth (100,000,000) One Hundred Million Saudi Riyals and about the Saudi Arabian Monetary Agency’s decision to refuse to increase the capital.