KSA - Wafa Ins. to disclose Q2 2019 financials by May 31
Thursday, 01 30 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Indian Company for Cooperative Insurance (Wafa Insurance) is expected to disclose the financial statements for the three-month period ended June 30, 2019 by May 31, 2020, according to a bourse filing on Wednesday.
The Saudi insurer is also expected to disclose the financial results of Q3 2019, ended Sept. 30, 2019, by June 30, 2020.
The company said it was unable to publish its financial results on time as not yet disclosed the financial statements for the Q1 2019 ended March 31, 2019.
It also attributed the reason to not hiring an auditor for Q2 and Q3 2019, according to the statement.
Wafa Insurnace added it would be difficult to measure the financial impact of delaying the publication of its financial results, and any development will be disclosed in due course.
Accordingly, a trading halt will be placed on the company's shares in line with the listing regulations announced on March 25, 2019.