SA-Listed Companies

The rulebook behind Tadawul disclosure

On the Saudi Exchange (Tadawul), insider transparency follows the Capital Market Authority's Rules on the Offer of Securities and Continuing Obligations. The CMA Board issued them in December 2017 under the Capital Market Law and amended them by resolution 3-6-2024. A chapter on restrictions on dealings deals with substantial holders and with the directors and senior executives of issuers. A separate article covers board changes.

Substantial holders: 5% by the third trading day

Under Article 85, any person who becomes the owner of, or interested in, 5% or more of a class of voting shares or convertible debt instruments notifies the Exchange by the end of the third trading day after the transaction. The notice names the persons who own or may dispose of the shares, describes how the stake was acquired and lists any loan or financial support received.

Shares owned by relatives, by companies the person controls and by parties acting in concert count toward the threshold. Any change to that list of persons calls for a fresh notice within the same three trading days.

Closed periods for directors and executives

Article 86 bars directors, senior executives, audit committee members and their associates from dealing in the issuer's securities from 15 calendar days before each quarter end until the reviewed interim statements come out, and from 30 calendar days before year end until the annual results are published. Subscription rights in a rights issue may still be exercised or sold. A director or executive who leaves during a closed period stays bound by it.

Board changes go out without delay

Article 80 requires the issuer to disclose immediately any change in the composition of its board, its audit committee or the CEO position. The Saudi Exchange publishes these notices among issuer announcements, and our Saudi feed collects them.

Reading the Saudi entries here

Our Saudi feed is role-only. Each entry is a board or executive appointment, resignation or change of role, without a share count or riyal amount. Use it to follow who sits on a board and since when. For trade-level dealings, compare with the per-trade markets and the method described on the methodology page.