United Mining Industries Company announces the latest developments on General Authority for Competition lawsuit

United Mining Industries Company announces the latest developments on General Authority for Competition lawsuit

Summery of the Lawsuit and its Reasons With reference to the company’s previous announcement dated 02/07/1445 AH corresponding to 14/1/2024 AD. and the supplementary prospectus issued on 03/05/1445H (corresponding to 09/20/202G) that the company received the decision of the General Secretariat of the Committee for Review and Adjudication of Competition Law Violations No. (233) and dated 02/21/1445H (corresponding to 09/06 /2023G), which includes imposing a penalty on the company, which is a fine of fourteen million and four hundred thousand (14,400,000) Saudi riyals. And that for company potential violation of the Competition Law and its implementing regulations accused of violation of Article 5, paragraph 1, of the Competition Law and paragraph (a) of Article 8 of the implementing regulations, through the agreement between the establishments to determine prices of goods, service fees, and terms of sale and purchase. The Company objected this decision. On 29/06/1445H (corresponding to 11/01/2024G), the Company received the decision issued on 14/06/1445H (corresponding to 27/12/2023G) by the Administrative Court in Riyadh to cancel the third paragraph of the decision of the Committee for Review and Adjudication of Competition Law Violations, number (233), dated 21/02/1445 H,