The Saudi Arabia Capital Market Authority issued a board resolution imposing a total fine of SAR 40,000 on Red Sea International Co. for failing to disclose without delay two contracts signed by its subsidiary, The Fundamental Installation for Electric Work Co. Ltd., with the first contract valued at SAR 1,522,059,988 signed on 11/07/2024 and not disclosed on the Saudi Exchange website until after the trading session on 17/09/2024, and the second valued at SAR 265,997,461 signed on 19/01/2025 and not disclosed until after the trading session on 20/01/2025, in breach of Article 79(A) and Article 64(A) of the Rules on the Offer of Securities and Continuing Obligations as amended.
Saudi Arabia Capital Markets Authority2026-06-28
Saudi Arabia Capital Market Authority fines Red Sea International Co. SAR 40000 for delayed disclosure of two subsidiary contracts
The Saudi Arabia Capital Market Authority fined Red Sea International Co. SAR 40,000 for delayed disclosure of two contracts signed by its subsidiary. One contract was worth SAR 1,522,059,988 and the other SAR 265,997,461, with both disclosures made after the deadlines required under the continuing obligations rules.