Alujain expects to issue financials within a few weeks

Alujain Holding Corp. said in a bourse filing on Tuesday that it expects to issue financial statements for FY2019, Q1 2020, and Q2 2020 within the next few weeks.

The company obtained on July 20 a confirmation from the executive management of National Petrochemical Industrial Co. (NATPET) about the imminent completion of the administrative and legal requirements of the external auditor. A delay in replying to the external auditor’s questions had earlier led NATPET’s auditor to withdraw its report for FY19 figures.

Alujain expects to finalize the external auditor’s requirements by the end of July. The company will also meet NATPET’s external auditor requirements and reply to its questions promptly.

NATPET asked the external auditor to respond quickly and issue the delayed financials for the abovementioned periods as soon as possible, due to the negative impacts on Alujain and its shareholders.

In June, Alujain said it was unable to disclose its financial results for FY2019 and Q1 2020 within the regulatory period, Argaam reported.