Saudi Arabia’s Capital Markets Authority issued a board resolution imposing a SAR 20,000 fine on Mohammed Hasan AlNaqool Sons Co. for failing to immediately disclose to the CMA and the public financing provided to the company by its chairman. The CMA cited paragraph (11) of Article (62) of the Rules on the Offer of Securities and Continuing Obligations, pointing to a SAR 13,932,075 financing provided in July 2021 to purchase land in Al-Malqa district, north of Riyadh, and additional financing of SAR 13,250,000 provided between July and December 2021. The authority noted that the financing exceeded 1% of the company’s total revenues based on its last reviewed annual financial statements for the financial period ended 31 December 2020.
Saudi Arabia Capital Markets Authority 2025-11-09
Saudi Arabia Capital Markets Authority fines Mohammed Hasan AlNaqool Sons Co. SAR 20,000 for delayed disclosure of chairman financing
Saudi Arabia's Capital Markets Authority fined Mohammed Hasan AlNaqool Sons Co. SAR 20,000 for not disclosing financing from its chairman to the CMA and the public. The financing, totaling SAR 27,182,075, exceeded 1% of the company's total revenues as per its 2020 financial statements, violating paragraph (11) of Article (62) of the Rules on the Offer of Securities and Continuing Obligations.