Anaam 9M 2021 financials show opposing conclusion by auditor … will shares be suspended?

Logo of Anaam International Holding Group

Anaam International Holding Group’s financial statements showed that there is an opposing conclusion in the external auditor’s report, which will lead to suspending the company’s shares from trading in the coming sessions.   

Based on that conclusion, Anaam acquired a 51% stake in a subsidiary for SAR 24.5 million. 

Anaam has not consolidated the financial data of the subsidiary, as described in the preceding paragraph, the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34 that is endorsed in Saudi Arabia. 

Tadawul earlier announced the procedures of suspending listed companies, including contradictory opinion of auditors.