Wafa Insurance says it is unable to disclose 9M 2020 financials on time

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said it is unable to disclose its financial results for the nine months of 2020 within the regulatory period.

The appointment of external auditors and the audit committee formation, as approved by shareholders on June 2, resulted in shortage of time to review and approve the initial financial statements, leading to the delay in issuing the reports, the insurer said in a statement to Tadawul.

Wafa Insurance expects to disclose its financials before March 15, 2021.

Accordingly, the trading suspension procedures will be applied to the company’s shares as per the listing regulations posted on the Capital Market Authority (CMA) website on March 25, 2019.

It is currently difficult to assess the relevant financial impact, the insurer said, adding that it will be disclosed in due course.

The company is subject to financial reorganization under the Saudi bankruptcy law.