Imposition of a Penalty on Wafrah for Industry and Development
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 10,000 (Ten Thousand Saudi Riyals) on Wafrah for Industry and Development due to its violation of clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) and sub-clause (2) of clause (B) of Article (46) of the Listing Rules. The company failed to inform CMA and the public through the Saudi Stock Exchange “Tadawul” website in a timely manner about its board of directors recommendation, in the meeting held on 08/03/2014, to distribute cash dividends to its shareholders for the year 2013. It was later announced on 09/03/2014 after the market was closed.