Saudi Arabia Capital Markets Authority approves registration of two investor class actions against Sanam Business Holding and Sport Address Business Services Holding

Saudi Arabia’s Capital Markets Authority announced that the CRSD issued two decisions approving requests to register investor class actions against Sanam Business Holding Company and Sport Address Business Services Holding Company, linked to alleged share offers and marketing campaigns that did not follow the procedures set out in the Rules on the Offer of Securities and Continuing Obligations. In the Sanam case, the claim relates to a campaign offering shares in Sanam Alnomu Business Services Holding Company, a subsidiary, after which the claimant subscribed; the request seeks registration of a class action, annulment of the subscription agreement, and repayment of the capital paid. The Sport Address case concerns an alleged offering and marketing campaign for its shares on similar grounds, with the claimant seeking the same remedies. Any person who subscribed to shares of Sanam Alnomu Business Services Holding Company or Sport Address Business Services Holding Company may apply to the CRSD to join the relevant class action within 90 days of the announcement under Article 57 of the Resolution of Securities Disputes Proceedings Regulations, and submitted requests will be reviewed in line with applicable procedures.