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CMA suspends trading on Alhokair shares

CMA suspends trading on Alhokair shares
Photo Credit: Arabianeye-Reuters
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Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) has announced in a statement on Saturday the Suspension of trading the Shares of Fawaz Abdulaziz Alhokair Company.

This comes after Fawaz Alhokair Co. has failed to commit to announce its interim financial results for the fiscal period ending on 31 March 2017 during the specified period mentioned in the listing rules.

CMA has suspended trading the shares of Alhokair Company on the Saudi Stock Exchange (Tadawul) starting from Sunday 23 April, the statement noted.

The decision is based on the Capital Market Law and its implementing regulations as well as the CMA board resolution regarding listed companies that do not announce their financial statements during the specified periods.

The suspension will be until the company announce its interim financial results for the first quarter of 2017 in order to protect the investors and maintain a regulated market.

The CMA also noted that this does not absolve the company that is not committed to this rule from the liability of violating the compliance rule imposed on all listed companies to publish their financial statements during the specified period.