Al Sagr Cooperative Insurance Co. Announces an update on its Inability to publish its financial results for the Three-months period ending on 31/03/2022 in (Tadawul) at the specified time
| Element List | Explanation |
|---|---|
| Introduction | This is with reference to our previous announcement on Tadawual on May 24, 2022, which included the announcement of the expected date of publishing the company’s financial statements for the first quarter of 2022.
And since the nomination procedures for the five vacant seats for membership of the Board of Directors have been completed, and the company is awaiting the decisions of the Ordinary General Assembly scheduled to be held on 29/08/2022 to obtain the Assembly’s voting on the candidates and complete the necessary quorum for the Board of Directors. Therefore, the Board members will approve the financial statements to be published as soon as possible It is possible, God willing |
| Previous Announcement | Al Sagr Cooperative Insurance Co. Announces its Inability to publish its financial results for the Three-months period ending on 31/03/2022 in (Tadawul) at the specified time |
| Date of Previous Announcement on Tadawul's Website | 2022-05-24 Corresponding to 1443-10-23 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | The interim financial Statements for the period ending on 31-03-2022, it is expected to be announced before 12-09-2022. |
| Reasons for Exceeding the Announced End Date | Al Sagr Insurance Company was unable to publish the interim financial statements for the period ending on March 31, 2022 on time due to the non-completion of the regulatory and supervisory procedures related to the formation of a quorum Board of Directors authorized to approve the interim financial statements in accordance with the company's Bylaws.
The company has recently announced the invitation to the Ordinary General Assembly scheduled to be held on 29/08/2022 to vote on appointing the members of the Board of Directors in the five vacant seats. Once the Board is completed, the financial statements will be approved to be published as soon as possible, God willing. |
| 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 | Company's share is suspended currently and will continue under suspension until the announcement of the financial statements |
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