Saudi Arabia’s Capital Markets Authority (CMA) issued a board resolution imposing a SAR 50,000 fine on BAAN Holding Group Co. for breaching disclosure requirements under the Rules on the Offer of Securities and Continuing Obligations and the Instructions for Companies’ Announcements. The CMA found the company failed to promptly disclose a material development, delaying publication of the award of a catering services project at a residential complex in NEOM from 17 December 2023 until 22 January 2024 on the Saudi Exchange (Tadawul). It also determined that a subsequent announcement about signing the contract for the same project, published on 22 August 2024, was incomplete because it omitted the contract period, which was not disclosed until 11 September 2024.
Saudi Arabia Capital Markets Authority 2025-04-23
Saudi Arabia Capital Markets Authority fines BAAN Holding Group SAR 50,000 for delayed and incomplete project disclosures
Saudi Arabia's Capital Markets Authority fined BAAN Holding Group Co. SAR 50,000 for breaching disclosure requirements. The company delayed disclosing a catering services project award in NEOM and omitted contract period details in a subsequent announcement.