FSA warns Ubar Hotels and Resorts
Published: 09:04 AM,Apr 21,2025 | EDITED : 01:04 PM,Apr 21,2025
Muscat: The Financial Services Authority (FSA) has issued an administrative decision warning Ubar Hotels and Resorts (SAOG) for failing to immediately disclose material news related to the board of directors' decision to increase the company's capital in the rights issue.
Article 291 of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009 provides that 'The issuer shall disclose all its material information and that of its subsidiaries immediately through the electronic transmission system. The issuer shall disclose such material information or events immediately before the trading session for any information or events occurring before it. The issuer shall take due care to maintain the confidentiality of such information until it is disclosed to the public. Material information means that, if disclosed, it is price sensitive and would impact investment decisions of market participants or market trends.'
FSA said 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 make informed investment decisions, which enhance market integrity and efficiency.
Article 291 of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009 provides that 'The issuer shall disclose all its material information and that of its subsidiaries immediately through the electronic transmission system. The issuer shall disclose such material information or events immediately before the trading session for any information or events occurring before it. The issuer shall take due care to maintain the confidentiality of such information until it is disclosed to the public. Material information means that, if disclosed, it is price sensitive and would impact investment decisions of market participants or market trends.'
FSA said 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 make informed investment decisions, which enhance market integrity and efficiency.