MUSCAT: The Financial Services Authority (FSA) has officially issued a warning to Ubar Hotels and Resorts (SAOG) after it failed to promptly disclose significant information to the public. The authority stated that the company did not announce in a timely manner the board of directors’ decision to raise the company’s capital through a rights issue, which is considered a material event affecting shareholders and the market.
The FSA emphasized that listed companies are obligated under disclosure and transparency regulations to inform the market immediately about any key developments or decisions that may influence the stock price or investor decisions. The delay in communication by Ubar Hotels and Resorts was deemed a violation of these regulatory requirements, prompting the warning.
This action is part of the FSA’s efforts to enhance corporate governance and protect investor interests in the Omani financial market. It reiterated its commitment to enforcing compliance among publicly listed entities and maintaining fairness and integrity in the capital market.
Ubar Hotels and Resorts has been instructed to take corrective measures and ensure future compliance with disclosure standards. The company is expected to improve its internal procedures to avoid any similar breaches going forward, and the FSA will continue to monitor the case for further developments.
