This is to reduce the Financial Burden on Companies
Ministry of Commerce and Industry declared that the publication of quarterly financial statements in the daily newspapers is not mandatory for the listed joint stock companies, where the approval of H.E. the Minister of Commerce and Industry Dr. Tawfiq Bin Fawzan Al Rabiah has been given to cancel the Circular No. (3429) dated 29/06/1413 AH, subject of compelling the listed joint stock companies to publish their periodic quarterly reports in two daily newspapers.
MCI has pointed out that the publication of the quarterly financial statements for companies on the website of the Saudi Capital Market Authority "Tadawel," would achieve the desired goal of the said circular; that is all shareholders and customers of the companies would be aware and informed continuously about the results of such companies` work.
Accordingly, MCI would like to confirm that there is no need to publish the quarterly financial statements of the listed joint stock companies in the daily newspapers. This is based on the Ministry`s view to reduce the financial burden on all companies.
It is worth mentioning that the circular obliging the listed joint stock companies to publish their periodic quarterly reports in two daily newspapers had been issued in accordance with the Ministerial Committee's decision, formed as per the Royal Order No. (8/1320) dated 11/07/1403 AH to supervise the stocks trading, that was before the establishment of the Saudi Capital Market Authority.