UMI issues supplementary prospectus following GAC fine

21/09/2023 Argaam

UMI issues supplementary prospectus following GAC fine

Logo of United Mining Industries (UMI)

United Mining Industries Co. (UMI) issued a supplementary prospectus on offering 12.5% of its SAR 140 million capital on Nomu-Parallel Market.  

 

The issue of the supplementary prospectus was driven by changes in the information mentioned in the initial prospectus related to the legal action brought by the General Authority for Competition (GAC) against institutions operating in the industry of gypsum and cement boards.  

 

The supplementary prospectus mentioned the decision of the committee for adjudication of violations of the law and its regulations, issued on Sept. 6, 2023, against seven institutions, imposing a fine of SAR 14.4 million against the company. 

 

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