A. Pharaon & Partners Law Firm.

The Saudi regulator, CMA, has imposed fines of up to $27,000 on three firms for breaching disclosure rules, as it tries to polish the image of an opaque bourse gradually opening up to foreign investors.

It brought to 13 the number of companies fined for violating disclosure regulations since May 16.

Al Baha Investment and Development Co was fined 100,000 riyals ($27,000) for disclosing acquisition plans to the Capital Market Authority after they were leaked to a website, the CMA said.

Methanol Chemicals Co (Chemanol) was also fined $27,000 and Saudi International Petrochemical Co was fined $13,332 for other disclosure violations.

Source: Arabian Business