Imposition of a penalty on Rabigh Refining and Petrochemical Company
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 50,000 (Fifty Thousand Saudi Riyals) on Rabigh Refining and Petrochemical Company due to its violation of clause (A) of Article (40) of the Listing Rules and the violation of sub-clause (5) of clause (A)  of General Instructions that have to be considred by companies on publication of their announcements, for announcing on The Saudi Stock Exchange (Tadawul) on 15/12/2013 AD, inaccurate information on reaching an agreement  with the founding shareholders that renforces its financial performance, as it mentioned the agreement will have a financial effect on the company’s revenues  to the amount of  approximately one billion Saudi Riyals  this year, and a billion and three hundred million Saudi Riyals annually  in the coming years, whereas the accurate financial effect will be  on the net profit.