Al Sagr says unable to disclose Q1 2022 financials on time

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. was unable to disclose its financial results for the three-month period ended on March 31, 2022, within the specified time, the company announced in a bourse statement, today, May 24.

The company added that it failed to complete the regulatory measures related to the formation of a board of directors authorized to approve the interim financial statements in accordance with the company’s articles of association.

The insurance services provider expected to disclose its financial statements on Aug. 10, 2022, adding that the relevant financial impact cannot be currently estimated but any financial impact will be disclosed duly.

The procedures for trading suspension of listed securities will apply to the company’s shares, according to the listing rules approved by the Capital Market Authority (CMA) and Tadawul, the statement added.