Two Saudi firms fined for poor disclosure

05 April 2010

Two listed firms have been fined by Saudi Arabia's Capital Market Authority for inadequate disclosure, Reuters has reported. Al Jazira Bank was fined SR50,000 for not immediately notifying CMA about changes in its senior management, while Advanced Petrochemical Co was fined for not disclosing the shutdown over the August 13-September 25 period of a plant for unscheduled maintenance, CMA said.

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