The Capital Market Authority announces the issuance of the Authority’s Board decision to impose a total financial penalty of (40,000) forty thousand riyals on Red Sea International Company (“the Company”), for violating paragraph (a) of Article Seventy-Nine of the Rules for Offering Securities and Continuing Obligations amended by the Authority’s Board Resolution No. (3-6-2024) dated 17/01/2024 AD, for failing to disclose to the Authority and the public without delay the signing by its subsidiary - Primary Installations for Electrical Works Limited (“the Subsidiary”) - of a contract dated 11/07/2024 AD with a value of (1,522,059,988) riyals; as the “Company” did not disclose this on the Saudi Stock Exchange (“Tadawul”) website until after the end of the trading session on 17/09/2024 AD.
And in violation of paragraph (a) of Article Sixty-Four of the Rules for Offering Securities and Continuing Obligations amended by the Board of the Authority Resolution No. (3-114-2024) dated 07/10/2024 AD, due to its failure to disclose to the Authority and the public without delay the signing of a contract by the “subsidiary company” on 19/01/2025 AD with a value of (265,997,461) riyals; as the “company” did not disclose this on the Tadawul website until after the end of the trading session on 20/01/2025 AD.