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CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution
Date Publish
25 June 2015
Announcement Regarding Issuance of Disciplinary Board Resolution
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution on Thursday 25/6/2015 on violation No. (24/2015 Disciplinary Board) (35/2015 Authority) filed against: Housing Finance Company.
That is by "warning the Company of the consequences of repeating the violation of the Authority's regulations on disclosure of material information".
This punishment is due to the company's violation of "Capital Markets Authority Regulations Concerning Disclosure of Material Information and the Mechanism of Announcement No. (CMA/S.S/2/2012)". The company has delayed announcing material information related to the board of directors' approval for amortization of accumulated loss through reducing the company's capital and using the legal reserve and share premium, then increasing the capital for the creditors of the company by converting their debts to shares of the capital increase without a share premium and along with current shareholders waiver of the pre-emption rights.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaw on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
