​The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (80,000) Eighty Thousand Saudi Riyals on Eastern Development Co. due to its violation of paragraph (a) of Article (61) of the Rules on the Offer of Securities and Continuing Obligations, And subparagraph (5) of paragraph (a) of the “General Instructions” of the Instructions for Companies Announcements. Where the Company disclosed incorrect information in its announcement on 31/05/2020, regarding its interim financial results for the financial period ending on 31/03/2020. The Company stated that there is increase in net losses for the current quarter compared to the previous quarter, and on 01/06/2020, the company published a corrective announcement stating that there is a decrease in net losses for the current quarter compared to the previous quarter. Furthermore, the Company disclosed incorrect information in its announcement on 09/06/2020, regarding the results of its Ordinary General Assembly Meeting (first meeting) convened on 08/06/2020. The announcement stated obtaining the Approval on Item no. (7) of the Ordinary General Assembly Meeting agendas regarding the formation of the audit committee and determination of its tasks, work controls and remunerations of its members for the new term starting from 20/07/2020 until its end. On 11/06/2020, the company published a corrective announcement stating that Failure to obtain approval on the formation of the audit committee and determination of its tasks, work controls and remunerations of its members for the new term starting from 20/07/2020 until its end.