Logo of General Authority for Competition (GAC)
The General Authority for Competition (GAC) announced today, Feb. 25, the Committee for Resolution of Competition Law Violations’ decision to penalize Panda Retail Co. and Doorstep for Telecommunications and IT for breaching Article 7 of the Competition Law.
Article 7 mandates that establishments aiming to engage in economic concentration must inform the authority at least 90 days in advance if their annual sales exceed a certain limit.
The decision imposed a fine of SAR 400,000 on each company and required the publication of the decision at their own expense.
Evidence and investigations suggested the two companies might have violated the Competition Law by completing an acquisition deal without notifying GAC, as prohibited by Article 7.
The action aligned with GAC duties to enforce the Competition Law, protect fair competition, fight monopolistic practices, and ensure procedure transparency, the authority added.
GAC stressed the importance of adhering to the Competition Law and its executive regulations, promoting legitimate competition that supports consumer choices and market efficiency within a fair and transparent framework.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1707804