Saudi Arabia's stock market regulator said on Monday it has imposed two fines worth SR200,000 ($53,000) on Al Tayyar Travel Group for failing to disclose the extension of a contract with the Ministry of Education.

Al Tayyar said in June last year its dealings with the ministry remained valid and that the company "did not receive any indication of not renewing the contract" but in March this year it said it was extending its contract from April 1, the Capital Markets Authority (CMA) said in a statement.

The Capital Markets Authority also referred a board member at Al Tayyar to the Bureau of Investigation and Public Prosecution on suspicion of "failing to make a a statement required to be made in relation to the mentioned contract." – Reuters