The fines were issued by the GAC's violations committee for contravening Article 7, which requires companies to report acquisition deals in advance, as detailed in a Sunday statement.

Each company must pay SR400,000 ($106,600) and also cover the cost of publishing the infraction in local media. The decision came after the authority's Board of Directors launched an inquiry, which led to the Committee for Adjudication of Competition Law Violations gathering evidence and conducting investigations.

The probe revealed the firms completed an acquisition without the mandatory pre-notification to GAC, required for significant sales-value deals under Article 7. These penalties underscore GAC's commitment to enforcing competition laws, combating monopolies, and promoting transparent procedures.

GAC urged all businesses to comply with such laws to foster fair competition and market dynamism. Companies are also advised to consult the compliance guide on GAC's website for further guidance.