Riyadh – Mubasher: The Capital Market Authority (CMA) decided to suspend trading the shares of Raydan Co. starting from 2 April until the company announce its annual financial results for the fiscal period ended 31 December.

CMA’s decision came after Raydan failed to commit to announce its annual financial results during the specific period of the company which ends on 31 March, according to a bourse filing on Thursday.

In a separate statement, Raydan attributed the delay in announcing its financial results to changing the external auditor from Deloitte & Touche LLP to KPMG Al Fozan & Partners Certified Public Accountants based on the conditions of listing completion on Nomu – parallel market.

KPMG stated that it is expected that the company will finish reviewing its forecasts for the financial flows by the end of April 2017, the statement said.

CMA notes that this does not absolve the company that is not committed to this rule from the liability of violating the compliance rule imposed on all listed companies to publish their financial statements during the specified period