Saudi’s CMA slaps fine on National Building for non-disclosure of financials

Saudi’s CMA slaps fine on National Building for non-disclosure of financials

Saudi Arabia’s Capital Market Authority (CMA) has decided to impose a fine on National Building and Marketing Company for non-disclosure of financials.

The company, listed on the Saudi Stock Exchange (Tadawul) parallel market Nomu, will be asked to pay SAR50,000 ($13,300) for violating certain regulations, the authority said in a statement on Tuesday.

“The company did not disclose its semi-annual interim financial statements for the period ending on 30-06-2023 within the specified period,” the CMA said.

National Building is a wholesale and retail seller of building materials, including iron and timber, as well as electronic devices, computers, medical and hospital supplies.

National Building is the latest listed company to receive a fine from the CMA.

Last October, the authority-imposed fines amounting to SAR4.2 million on two Swiss entities for violating the Capital Market Law and the Securities Business Regulations.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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