The Capital Market Authority (CMA) announces the issuance of two decisions by the CRSD approving the requests to register two class actions filed by investors against Sanam Business Holding Company and against Sport Address Business Services Holding Company.
The first decision was issued following a request filed by an investor against the Sanam Business Holding Company, after the Company conducted a marketing campaign offering shares in the Sanam Alnomu Business Services Holding Company, a subsidiary Company to it, without following regulatory procedures stated in the Rules on the Offer of Securities and Continuing Obligations, and as a result his subscription to the Company's shares based on that. The claimant requested the registration of the class action with the CRSD, the annulment of the subscription agreement concluded with the Company, and obliging it to return the capital he paid as a result of his subscription.
The second decision by the CRSD followed a request filed by an investor against the Sport Address Business Services Holding Company, as a result of the Company offering its shares and conducting a marketing campaign to invest with it without following regulatory procedures stated in the Rules on the Offer of Securities and Continuing Obligations, and as a result his subscription to the Company's shares based on that. The claimant requested the registration of the class action with the CRSD, the annulment of the subscription agreement concluded with the Company, and obliging it to return the capital he paid as a result of his subscription.
The CMA notes that any person who subscribed in the shares of the Sanam Alnomu Business Services Holding Company and the Sport Address Business Services Holding Company, has the right to submit a request to the CRSD to join the aforementioned two class actions within (90) days from the date of this announcement, pursuant to Article (57) of the Resolution of Securities Disputes Proceedings Regulations. The CRSD will review all submitted requests in accordance with the applicable regulatory procedures.
The CMA reaffirms its commitment to enforcing the Capital Market Law and its implementing regulations in a manner that ensures an advanced and stable capital market, while promoting fairness, efficiency, and transparency in securities transactions. The CMA also emphasizes that protecting investors in the capital market from unfair or improper practices involving fraud, deception, or manipulation remains one of its top priorities. The CMA is constantly working to provide appropriate means and capabilities for investors to exercise their rights, and organize and develop procedures that assure limiting the risks connected to securities dealings, as well as facilitating litigation procedures for securities dealers and reduce litigation costs, all in a manner that ensures those affected receive their compensation as quickly and easily as possible, aiming to achieve investor protection.
Announcement by GS-CRSD (link)
To join the class action, click here (link)