The Capital Market Authority announces the issuance of a CMA Board resolution to impose two penalties with a total of SR 200,000 (Two Hundred Thousand Saudi Riyals) on Etihad Etisalat Co. (Mobily) due to its violation of clause (A) of Article (46) of the Capital Market Law, clause (A) of Article (40) and clause (A) of Article (41) of the Listing Rules as well as sub-clause (5) of clause (A) of the General Instructions that must be taken into Account by Companies when Publishing its Announcements. The company failed to inform CMA and the public in a timely manner about cancelling the agreement with Etihad Atheeb Telecommunication Company (GO) in regard to the management agreement with Bayanat company which is a subsidiary of Mobily. In addition, the company announced a misleading announcement in regard to the financial impact resulting from cancelling the agreement.
