CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (24/2022 Disciplinary Board) (203-211/2021 Authority) and the imposition of a fine against: Al-Madina for Finance & Investment Company for violating the Rules of Disclosure and Transparency and Listing Rules
Announcement regarding issuance of Disciplinary Board Resolution No. (24/2022 Disciplinary Board) (203-211/2021 Authority) and the imposition of a fine against: Al-Madina for Finance & Investment Company for violating the Rules of Disclosure and Transparency and Listing Rules.
For violating the following provisions:
1) Provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
The Company did not immediately disclose the material information of the results of the general assembly meeting held on June 20, 2021, as the results of this meeting were disclosed on June 21, 2021 at 2:21 p.m.
2) Provision of Item (1) of Article (1-15) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
The Company failed to submit copy of its periodical financial statements for the period that ended on 30/09/2021 to each of the Exchange and the Authority and disclose them simultaneously in accordance with the prepared form within the specified period and in accordance with Item (1) of Article (1-15) previously mentioned that ended on 15/11/2021.
The Resolution included the infliction of the following penalty: -
“Al-Madina for Finance & Investment Company is fined an amount of ten thousand Dinars for each of the two attributed violations.”
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.