CMA issues warning to Dhofar Tourism Company for violating Article 291

Muscat: The Capital Market Authority has issued a Decision warning Dhofar Tourism Company for violating Article (291) of the Executive Regulation of the Capital Market Law No. (1/2009)

In a statement CMA said: The Capital Market Authority (CMA) has issued a Decision warning Dhofar Tourism Company for violating provisions related to immediate disclosure of material information; as the company did not comply with the provisions of Article (291) of the Executive Regulation of the Capital Market Law No. (1/2009).

The Article stipulates that companies regulated by the Securities Law shall disclose all their material information and those pertaining to their subsidiaries immediately through the electronic transmission system. Additionally, issuers shall disclose- before the trading session- any information occurred before it. The Article also emphasizes that issuers shall take due care to maintain confidentiality of such information until they are disclosed to the public. Material information means information that if disclosed are price sensitive and would impact investment decisions of market participants or market trends; or information considered as material information to be disclosed immediately based on the forms issued by the CMA.

It is worth mentioning that the CMA monitors timely provision of periodic and material information related to issuers of securities while ensuring that such information is both correct and accurate for all participants in the MSX. The dis- closure process is completed via the MSX which is considered as a central window for all issuers’ news. This promotes fairness for all participants in the MSX; which increases confidence of investors and attracts local and foreign capitals to the Omani Capital Market.