The Financial Services Authority has issued administrative decision warning Ubar Hotels and Resorts (SAOG) for failing to immediately disclose material news related to the resolution of the board of directors to increase the company’s capital in rights issue.

Article 291 of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009 provides that “Issuer shall disclose all its material information and those pertaining to its subsidiaries immediately through the electronic transmission system. The issuer shall disclose such material information or events amply before the trading session for any information or events occurring before it. Issuer shall take due care to maintain confidentiality of such information until they are disclosed to the public. Material information means those if disclosed are price sensitive and that would impact investment decisions of market participants or market trends.”

FSA emphasizes that all regulated companies shall comply with disclosure and transparency standards for their importance in enhancing investors’ confidence and market stability and ensuring fair  and timely access to material information by all parties to take informed investment decision which enhance market integrity and efficiency.