Latest news with #ImplementingRegulations
Qatar Tribune
28-05-2025
- Automotive
- Qatar Tribune
MoT conducts campaigns on violating passenger transportation companies
DOHA: The Ministry of Transport (MoT), in collaboration with the relevant departments of the Ministry of Interior, is conducting campaigns to make sure that passenger transportation companies have obtained the required licences from the MoT and are following the requirements as per Law No. 8 of 2019 Regulating Road Transport and its Implementing Regulations issued by the Minister of Transport's Decision No 13 of 2024. The MoT's campaigns have found out that the company TaxiF is violating the laws by offering the service of passenger transportation via electronic applications without prior MoT licence. The campaigns also registered 11 violations for drivers of licensed limousine companies and 13 violations for drivers transporting passengers using private cars without a license, in violation of the abovementioned law and its regulations. The campaigns during Q1 of 2025 reported 66 violations for licensed limousine companies that do the business of passenger transportation via electronic applications. With such drives, the MoT continues to make sure the companies that perform that business follow all required safety standards and the requirements of the law in effect to make sure the companies provide the highest quality of service in a fair competitive environment. The MoT will continue cracking down on the unlicensed companies. The MoT will apply the applicable laws and regulations on the violating companies. It urges the companies to follow the laws in force and obtain the necessary licenses to be able to do the business legally.
Argaam
16-04-2025
- Business
- Argaam
CMA approves public offering of SEDCO Capital US Equities Feeder Fund
The Capital Market Authority (CMA) approved the request by Saudi Economic and Development Securities Co. for the public offering of SEDCO Capital US Equities Feeder Fund. The market regulator cautioned investors that making investment decisions without thoroughly reading the terms and conditions (T&Cs) or fully understanding their content may pose significant risks. The CMA also urged investors to carefully review the T&Cs, which include detailed information on the fund, its investment strategy, and associated risks. This review will help investors evaluate the investment's feasibility and understand the potential risks, the CMA said. It added that if the T&Cs are unclear, investors should consult the fund manager for clarification. The CMA emphasized that its approval does not constitute a recommendation to subscribe to the offering, but rather confirms the fund's compliance with legal requirements under the Capital Market Law and its Implementing Regulations.
Argaam
17-03-2025
- Business
- Argaam
Tasnee board proposes 66.9M buyback of treasury shares
National Industrialization Co.'s (Tasnee) board of directors recommended on March 16, initiating the necessary regulatory procedures to repurchase 66.9 million of its ordinary shares and retain them as treasury shares. The move would be in accordance with the Capital Market Authority's (CMA) regulations, the Companies Law, and the related bylaws, Tasnee said in a statement to Tadawul. This proposal is subject to shareholders' approval. Tasnee will announce the date for the next extraordinary general meeting, which will decide on the necessary amendments to the Articles of Association and the share buyback process, in accordance with Article 17 of the implementing regulations of the Companies Law for listed joint-stock companies. The board believes that the stock is trading below fair value. At present, the company does not hold any treasury shares from the category subject to the buyback. The repurchase will be financed through the company's own resources, and the repurchased shares will not have voting rights in shareholders' meetings. Tasnee indicated that the general meeting's approval is required for both amending the Articles of Association and the buyback process, in addition to fulfilling the financial adequacy requirements stipulated in the Implementing Regulations of the Companies Law for listed joint-stock companies. According to data available with Argaam, the shares recommended for repurchase represent 10% of the company's total shares, estimated at 668.9 million.
Argaam
24-02-2025
- Business
- Argaam
CMA approves Gulf Union Alahlia capital hike for merger with GGI
The Capital Market Authority (CMA) approved Gulf Union Alahlia Cooperative Insurance Co. 's request to increase its capital from SAR 458.95 million to SAR 687.18 million, through issuing 22.82 million ordinary shares. The capital hike is coming for a merger with Gulf General Cooperative Insurance Co. (GGCI), under which the latter's assets and liabilities would be transferred to Gulf Union Alahlia through a securities exchange offer. In a statement, the CMA said a shareholders circular will be published within sufficient time before the deciding extraordinary general meeting (EGM) of Gulf Union Alahlia. The CMA resolution included an approval of the proposed offer timetable and the publication of the offer document by Gulf Union Alahlia to GGI shareholders to merge the two entities through a share swap. The offer document of Gulf Union Alahlia will be published to GGI shareholders for the merger process within sufficient time before the EGM of GGI. The offer document should include all relevant information that shareholders need to know before making an informed decision when voting on the offer, including the offer information and risk factors. If Gulf Union Alahlia shareholders approve the capital increase, and GGI shareholders accept the offer in their EGMs, the new shares will be issued to GGI shareholders who are registered with the Securities Depository Center Co. (Edaa). In addition, GGI will be delisted from the Saudi Exchange (Tadawul) after Gulf Union Alahlia shareholders approve the capital top-up and GGI shareholders accept the offer in their EGMs. A voting decision without reading the shareholder circular and the offer document carefully may involve high risks. Therefore, shareholders should carefully read the circular and the offer document to reach a proper voting decision. If the circular and offer document prove difficult to understand, it is recommended to consult with an authorized financial advisor. The CMA's approval should never be considered as an endorsement of the merger's feasibility. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met. According to data available with Argaam, the two Saudi insurance firms signed on Dec 9, 2024, a binding merger agreement. The deal entails transferring all of GGI's rights, obligations, assets, and contracts to Gulf Union Alahlia. In return, Gulf Union Alahlia will issue 22.82 million ordinary shares at a nominal value of SAR 10 each to GGI shareholders. Meanwhile, GGI shareholders will receive a 0.76 share in Gulf Union Alahlia for each share they hold. The CMA's approval should never be considered as an endorsement of the merger's feasibility. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
Argaam
05-02-2025
- Business
- Argaam
Dallah gets CMA nod on capital hike to buy AYYAN's holdings in Al-Ahsa, Al-Salam
The Capital Market Authority (CMA) approved Dallah Healthcare Co. 's request to increase its capital from SAR 976.81 million to SAR 1.02 billion, the market regulator said in a statement today, Feb. 5. The planned capital top-up will be made through the issuance of 3.89 million ordinary shares to acquire a 97.41% stake in Al-Ahsa Medical Services Co. and 100% of Al-Salam Medical Services Co., both owned by AYYAN Investment Co. The shareholders' circular related Dallah's proposed capital hike will be published within sufficient time before the deciding extraordinary general meeting (EGM), the CMA added. The shareholders' circular must include all relevant information that shareholders need to know before making an informed decision when voting on the capital increase for the purpose described, including the rise in capital and the associated risk factors. A voting decision without reading the shareholders' circular and carefully reviewing its content may involve high risks. Therefore, shareholders should carefully read the provided documents to confidently reach an informed decision. If the shareholders' circular proves difficult to understand, it is recommended to consult with an authorized financial advisor, the authority noted. The CMA's approval of Dallah's planned capital hike should not be considered as an endorsement of the aforementioned pursuit. It merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
