Saudi Market Regulator Halts PetroRabigh Shares For Disclosure Rule Breach

The suspension would remain in place until the company meets regulatory requirements on disclosure, the CMA said.



Saudi Arabia’s Capital Market Authority (CMA) suspended trading of PetroRabigh shares on Sunday after the joint venture between Saudi Aramco and Sumitomo Chemical failed to provide essential information on time.

The suspension, which starts from Sunday’s session, would remain in place until the company meets regulatory requirements on disclosure, the CMA said in a statement on the Saudi bourse website.

The statement did not specify the information required by the CMA from PetroRabigh but said the company did not commit to listing rules related to “informing CMA and the public without delay on any material developments…that can affect (the) stock price.”