Tadawul announces 1-day trading halt on Anaam after 9M results show adverse conclusion

Logo of Anaam International Holding Group

The Saudi Exchange (Tadawul) announced one-day trading halt of Anaam International Holding Group’s shares today, Nov. 14, until the end of the current trading session.

The group announced its 9M 2021 financial statements on Nov. 11, and these showed that there is an adverse conclusion in the external auditor’s report, the bourse said in a statement.

Following today’s one-day suspension, trading on Anaam shares will resume from Nov. 15 for 20 sessions. Meanwhile, the group will be required to remove the adverse conclusion from its financial statement before the end of Dec. 12.

If the company fails to comply within the set deadline, its shares will be suspended again starting Dec. 13 until it announces that the adverse conclusion has been removed.

The step is in accordance with the listing rules and the procedures of suspension of listed securities.

After Anaam announced its financial results on Nov. 11, Argaam reported an expected trading suspension on the company’s shares due to the opposing conclusion in the external auditor’s report.

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, Argaam earlier reported.