Al Sagr says unable to disclose H1 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 six-month period ended on June 30, 2022, within the specified time, according to a bourse filing today, Aug. 22.

The insurer attributed its inability to publish its H1 2022 financials to failure to conclude the required procedures for appointing auditors to examine, review and audit financial statements for Q2, Q3 and 2022, as well as 2023.

This was because of not holding a general assembly to name the auditors as there was no quorum of board members with power to call for a meeting to vote on their appointment.

Al Sagr expects to disclose its six-month financial statements before the end of Oct. 2022, indicating that the quorum of the board of directors is set for completion on the coming Aug. 29. An ordinary general meeting (OGM) will then be called to appoint the auditors under the legal procedures followed.

It is not possible to determine the financial impact that may result from postponing the release of H1 2022 financials, the insurer added, pointing out that this impact - if any - will be disclosed at the time.

Procedures for trading suspension of listed securities will apply to Al Sagr’s shares, based on the listing rules approved by the Capital Market Authority (CMA) and Tadawul.