Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces updated expected dates of announcing the late financial statements
| Element List | Explanation |
|---|---|
| Introduction | In addition to the published announcement in Tadawul on 16/05/1442 H Corresponding to 31-12-2020 G regarding the expected dates of announcing the late financial statements, the company announces the update of these dates. |
| Previous Announcement | The expected dates of announcing the late financial statements. |
| Date of Previous Announcement on Tadawul's Website | 2020-12-31 Corresponding to 1442-05-16 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | 1- The Annual Financial Statements of 2019, it is expected to be announced before 28/02/2021.
2- The interim financial Statements for the period ending on 31-03-2020, it is expected to be announced before 31-05-2021. 3- The interim financial Statements for the period ending on 30-06-2020, it is expected to be announced before 30-06-2021. 4- The interim financial Statements for the period ending on 30-09-2020, it is expected to be announced before 31-07-2021. |
| Reasons for Exceeding the Announced End Date | Due to the resignation of the last head of the audit committee, this led to the lack of a quorum for the committee, which led to not complete the review of the annual financial statements for the year 2019, and a new head of the committee was appointed on 20/01/2021 after getting SAMA's no objection .The financial statements for the above mentioned periods will be published sequentially according to the arrears. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
| Impact of the Delay on the Company's Financial Results | The financial impact cannot currently be determined, and this impact - if any - will be disclosed in due course. |
| Additional Information | The company is currently undergoing the financial reorganization procedure under the Saudi bankruptcy Law |
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