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[2008-05-22] Saudi regulator slaps wrists of eight listed firms
Regulator fines eight firms for failing to meet timeframe requirements. (Getty Images)The Saudi bourse regulator said on Wednesday it has fined eight listed firms, most operating in insurance, 10,000 riyals ($2,667) each for failing to issue their 2007 financial statements within the required timeframe.
The eight firms are:
- Property developer Emaar Economic City in which Emaar is a key shareholder
Insurance company Medgulf
- Malath insurance company
- Sanad insurance company
- SABB Takaful
- Saudi Fransi Insurance company
- Anaam Holding
- Eastern Agricultural Development Company
"[The eight firms] did not comply in disclosing their 2007 annual earnings within the fixed deadline," the Capital Market Authority (CMA) said in a statement.
Analysts blame the sharp volatility of the Saudi market on poor corporate governance by many listed firms, thin research and poor knowledge among the average investor on how the bourse works.
