Logo ofUnited Mining Industries Co.
United Mining Industries Co. said it received a final ruling from the Supreme Administrative Court rejecting its appeal against a previous verdict in a case the company had filed against the General Authority for Competition (GAC).
In a statement to Tadawul, the company said the court dismissed the objection due to the appeal not meeting the criteria outlined in Article 11 of the Law of the Board of Grievances.
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United Mining confirmed it had already booked a provision of SAR 14.4 million for the penalty in its 2024 financial statements. The company added it has fully borne the fine and that there have been no changes to the previously announced financial impact.
The firm stressed that it had taken all necessary legal steps and exhausted all avenues of appeal throughout the litigation process to safeguard the rights of the company and its shareholders.
According to data compiled by Argaam, the Administrative Court of Appeal in Makkah ruled in May 2024 to overturn a previous decision by the Administrative Court in Riyadh and dismissed the lawsuit United Mining had filed against the competition authority. The ruling was received on May 1, 2024.
At the time, United Mining said the expected financial impact of the ruling was SAR 14.4 million and confirmed it would bear the full amount of the fine. The company also stated it did not anticipate any risk to its financial or operational position.
