The Saudi Arabia Capital Market Authority has imposed a SAR 10,000 fine on Keir International Company for breaching paragraph 11 of Article 80 of the Rules on the Offer of Securities and Continuing Obligations. The breach relates to the company’s failure to disclose immediately to the regulator and the public two interest-free loans from former board members, each of which exceeded 1 percent of the company’s gross revenues based on its latest audited annual financial statements at the time. The undisclosed transactions were a SAR 4,154,812.75 loan provided by the former chairman of the board on 20 June 2023 and a SAR 4,270,000 loan provided by a former board member on 5 October 2023. Both loans ran to 1 November 2025, and the 1 percent threshold was assessed against the company’s annual financial statements for the period ended 31 December 2022.
Saudi Arabia Capital Markets Authority2026-06-07
Saudi Arabia Capital Market Authority imposes SAR 10000 fine on Keir International Company over undisclosed SAR 8.42 million in former board member loans
The Saudi Arabia Capital Market Authority fined Keir International Company SAR 10,000 for breaching paragraph 11 of Article 80 of the Rules on the Offer of Securities and Continuing Obligations. The company failed to immediately disclose to the regulator and the public two interest-free loans from former board members, each exceeding 1 percent of its gross revenues based on its latest audited annual financial statements.