Al Sagr Cooperative Insurance Co. Announces an update on 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
Al Sagr Cooperative Insurance Co. Announces an update on 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
Share this: Facebook TwitterLinkedIn
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.
Attachments
Original document
Permalink
Disclaimer
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 05:22:11 UTC.
Al Sagr Cooperative Insurance Co SJSC is a Saudi Arabia-based joint stock company engaged in the provision of cooperative insurance and reinsurance operations and all related activities. The Company is organized into three business segments: the Health insurance segment covers medical costs, medicines and all other medical services and supplies; the Motor insurance segment provides coverage against losses and liability related to motor vehicles, excluding transport insurance, and the Other classes segment covers all other insurance products and services, including Property, which includes property all risks insurance policy and business interruption insurance; Engineering, which includes contractors all risks, machinery breakdown and Deterioration of Stock; Marine Cargo, which includes goods in transit by land; Casualty, which includes public liability and personal accident, and Term Life.
Al Sagr Cooperative Insurance Co. Announces an update on 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
AL SAGR COOPERATIVE INSURANCE COMPANY 
