Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Al Gassim Investment Holding Co. (GACO) filed a lawsuit on Nov. 16 against a branch of Ministry of Environment, Water and Agriculture in Qassim Province, before the Administrative Court in Buraydah.
2) Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) terminated the contract with chief executive officer (CEO) Mohammed Alsultan, effective Dec. 14.
3) Saudi Arabian Amiantit Co. rights trading period ended on Dec. 14, 2020.
4) Saudi Paper Manufacturing Co.’s (SPM) subscription to new shares and rights trading began on Dec. 14, to increase capital from SR92 million ($24.53 million) to SR192 million.
The Capital Market Authority (CMA) imposed a SR5.4 million ($1.44 million) fine on Ahmed bin Abdulrahman Al-Joaithen for violating the Capital Market Law.
Al-Joaithen violated articles of the Capital Market Law and the market conduct regulations, while trading shares of Arabian Cement, Makkah Construction and Development, Jabal Omar Development, Jazan Energy and Development, Saudi Arabian Cooperative Insurance, Bawan, Saudi Research and Marketing Group, Buruj Cooperative Insurance, Saudi Arabia Refineries, and Emaar the Economic City during the period from April 5 to Oct. 11, 2016.
CMA also imposed fines worth SR7.5 million on a number of investors against the illegal gains achieved in their investment portfolios as a result of trading violations committed by Al-Joaithen, the authority said in a statement.