​The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 260,000 (Two Hundred and Sixty Thousand Saudi Riyals) on Al-Ahsa Development Co. due to its violation of clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) of the Listing Rules. The company failed to inform CMA and the public in a timely manner about its Board of directors’ approval to sell  the Saudi Japanese Textile Industry Company issued by a board resolution number (396/2014) and dated 28/01/2014. It was later announced on 27/02/2014.

The company also violated clause (B) of Article (40) of the Listing Rules. It was late in disclosing to the public its intention to sell the Textile Factory at the first Industrial city in Al-Ahsa. In addition to violating clause (C) of Article (45) of the Capital Market Law for announcing its intention to sell the Textile Factory at  the first Industrial city in Al-Ahsa in Alyaum  Newspaper before announcing it on the Saudi Stock Exchange (Tadawul)”s website.