1443/04/04 Tue Nov 9, 2021 08:00:26
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Element List | Explanation |
Introduction |
This is with reference to our previous announcement on Tadawual on 30th September 2021, whereby we announced the expected date to publish the interim financial information for the 2nd quarter 2021.
As the appointment of the companys' external auditors( PriceWaterHouseCoopers(PWC) and AlKharashi & Co ) has only been approved by the shareholders in the ordinary General Assembly Meeting held on Thursday 28th October 2021, both external auditors have started working on the quarterly reviews for the 2nd quarter 2021 and the 3rd quarter 2021 on Sunday 31st October 2021. They have deployed sufficient staff and they are doing their very best to have the work completed as soon as possible. However, based on their experience they expect to complete the 2 quarterly reviews by Tuesday 23rd November 2021. They have assured us that they will exert maximum efforts to have the assignment completed earlier than 23rd November 2021, if possible, especially for the 2nd Quarter 2021. Once the review procedures are completed by the joint auditors, we will conduct the Board of Directors meeting to review and approve the interim financial statements and will proceed for completing the other requirements in order to publish the financial statements as soon as possible. |
Previous Announcement | Inability of Al Sagr Cooperative Insurance Co. to publish its financial results for the six-months period ending on 30/06/2021 in (Tadawul) at the specified time |
Date of Previous Announcement on Tadawul's Website | 2021-09-30 Corresponding to 1443-02-23 |
Percentage of fulfilled achievement | Not Applicable |
Event's Expected Completion Date |
1- The interim financial Statements for the period ending on 30-06-2021, it is expected to be announced before 25-11-2021.
2- The interim financial Statements for the period ending on 30-09-2021, it is expected to be announced before 25-11-2021. |
Reasons for Exceeding the Announced End Date | As the appointment of the companys' external auditors( PriceWaterHouseCoopers(PWC) and AlKharashi & Co ) has only been approved by the shareholders in the ordinary General Assembly Meeting held on Thursday 28th October 2021, both external auditors have started working on the quarterly reviews for the 2nd quarter 2021 and the 3rd quarter 2021 on Sunday 31st October 2021. They have deployed sufficient staff and they are doing their very best to have the work completed as soon as possible. However, based on their experience they expect to complete the 2 quarterly reviews by Tuesday 23rd November 2021. They have assured us that they will exert maximum efforts to have the assignment completed earlier than 23rd November 2021, if possible, especially for the 2nd Quarter 2021. |
The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
Impact of the Delay on the Company's Financial Results | The financial impact cannot currently be determined, and this impact - if any - will be disclosed in due course. |
Additional Information | Company's share is suspended currently and will continue under suspension until the announcement of the financial statements |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Al Sagr Cooperative Insurance Company SJSC published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 06:42:11 UTC.