Al Sagr expects to disclose Q1 2022 financials by Sep. 12

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the latest update on its failure to issue Q1 2022 financial statements, expecting to disclose them by Sep. 12, the company said in a statement to Tadawul today, Aug. 10.

The company failed to complete the regulatory and supervisory procedures related to the formation of a board of directors authorized to approve the interim financial statements in accordance with its bylaws.

Moreover, Al Sagr recently announced the invitation for an ordinary general meeting (OGM), scheduled to be held on Aug. 29, to vote on appointing board members in five vacant seats.

Once the board is complete, the financial statements will be approved for publishing as soon as possible.

It is currently difficult to evaluate the relevant financial impact, Al Sagr noted, adding that any impact will be disclosed in due course.

Last May, the insurance service provider expected to disclose the first-quarter results by Aug. 10.