Saudi Arabia's Capital Markets Authority (CMA) has fined a listed insurance company SR50,000 ($13,351) for failing to disclose that it had won a licence to sell insurance products.
Saudi Indian Company for Co-operative Insurance obtained a permit from the Saudi Arabian Monetary Agency (Sama) to sell insurance products on 9 July, but failed to disclose its new licence until after the close of the market on 12 July.
Saudi Indian was incorporated as a joint stock company less than two years ago.
The stock market regulator has taken action against a number of companies during August.
The CMA fined Saudi Chemical Company SR100,000 on 11 August for leaking its first quarter results before they were due to be disclosed to the whole market.
On 7 August, the regulator removed an asset management licence from Naeem Investment Company for providing false or misleading information.
You might also like...
Abu Dhabi makes major construction investments
25 April 2024
Saudi Arabia seeks K9 PPP project interest
25 April 2024
Kuwait reviews 1.1GW solar prequalifications
25 April 2024
LIVE WEBINAR: Abu Dhabi Oil & Gas 2024
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
