Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces its inability to publish its annual financial results ending on 31-12-2020 in (Tadawul) at the specified time
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| Announcement Detail | Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces its inability to publish its annual financial results ending on 31-12-2020 in (Tadawul) at the specified time, due to what the company has been exposed to during the Previous period, as it is subjected to financial reorganization procedures according to the Saudi bankruptcy law.
And the necessity of finalizing the announcing of the late financial results of previous periods, starting from the annual financial results for the financial year ending on 31/12/2019.
The company expects to announce its financial results for the above mentioned period before 31-08-2021
The company also expects to announce the late financial results for the periods referred below as follows: -
1- The Annual Financial Statements of 2019, it is expected to be announced before 30/04/2021. 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.
The company will announce any developments in this regard as soon as the availability.
The company also clarifies that “The procedures of suspending trading in listed securities in accordance with the listing rules,” which announced in the (Tadawul) website on March 25, 2019 will be applied on the company.
The financial impact cannot currently be determined, and this impact - if any - will be disclosed in due course.
The company is currently undergoing the financial reorganization procedure under the Saudi bankruptcy Law |
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