Saudi regulator fines three companies

Riyadh: Saudi Arabia's Capital Markets Authority (CMA), said yesterday it has fined three listed companies, including Saudi Investment Bank, for contravening the rules of the Arab world's largest bourse.

A fine of 50,000 Saudi riyals (Dh48,948) was slapped on Saudi Investment for not disclosing the reason for its profit fall in the third quarter, CMA said in a statement posted on the Saudi bourse website.

Tihama Advertising & Public Relations Co. was fined 50,000 riyals for not informing its shareholders about setting up a new firm, while Al Rajhi Company for Cooperative Insurance Co was asked to pay 100,000 riyals as its general assembly failed to publish its membership rules.

The kingdom's market regulator has asserted more control over the stock market over the past few years in an attempt to eradicate manipulative and speculative trading, and attract more stable institutional and foreign investors.