Al Sagr Cooperative Insurance Co. Announces an update on Inability of Al Sagr Cooperative Insurance Co. to publish its financial results for the six-months period ending on 30/06/2021 and nine-months period ending on 30/09/2021 in (Tadawul) at the specified time

2021-11-25 15:59:58

Element ListExplanation
Introduction This is with reference to our previous announcement on Tadawual on 9th November 2021, whereby we announced the expected date to publish the interim financial information for the 2nd and 3rd quarter 2021. As the appointment of the companys’ external auditors completed their work preparing the draft financial statements, and now the company just waiting for the completion of the board members approvals to announce the financial results as soon as possible.
Previous Announcement Inability of Al Sagr Cooperative Insurance Co. to publish its financial results for the six-months period ending on 30/06/2021 and nine-months period ending on 30/09/2021 in (Tadawul) at the specified time
Date of Previous Announcement on Tadawul's Website 2021-11-09 Corresponding to 1443-04-04
Percentage of fulfilled achievement Not Applicable
Event's Expected Completion Date 1- The interim financial Statements for the period ending on 30-06-2021, it is expected to be announced before 01-12-2021. 2- The interim financial Statements for the period ending on 30-09-2021, it is expected to be announced before 01-12-2021.
Reasons for Exceeding the Announced End Date As the appointment of the companys’ external auditors( PriceWaterHouseCoopers(PWC) and AlKharashi & Co ) has only been approved by the shareholders in the ordinary General Assembly Meeting held on Thursday 28th October 2021, both external auditors have started working on the quarterly reviews for the 2nd quarter 2021 and the 3rd quarter 2021 on Sunday 31st October 2021. They have deployed sufficient staff and they did their very best to have the work completed, and managed to complete their work as planned, and currently waiting for the completion of the members of the Board of Directors approvals.
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