The Saudi Arabia Capital Market Authority has imposed a SAR 10,000 fine on Keir International Company for breaching the Rules on the Offer of Securities and Continuing Obligations by not immediately disclosing to the regulator and the public two interest free loans from former board members. Each loan exceeded 1% of the company’s gross revenues based on its latest audited annual financial statements at the time. The breach related to paragraph 11 of Article 80. One loan, worth SAR 4,154,812.75, was provided by the former chairman of the board on 20/06/2023, and the other, worth SAR 4,270,000, was provided by a former board member on 05/10/2023. Both loans ran until 01/11/2025.
Saudi Arabia Capital Markets Authority2026-06-07
Saudi Arabia Capital Market Authority fines Keir International Company SAR 10000 for failing to disclose SAR 8.42 million in interest free loans from former board members
The Saudi Arabia Capital Market Authority fined Keir International Company SAR 10,000 for breaching the Rules on the Offer of Securities and Continuing Obligations by failing to immediately disclose two interest-free loans from former board members, each exceeding 1% of its latest audited gross revenues. The loans, totalling SAR 8,424,812.75 and maturing on 01/11/2025, were granted on 20/06/2023 and 05/10/2023 by the former chairman and a former board member, violating paragraph 11 of Article 80.