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Saudi Indian Company for Cooperative Insurance (Wafa Insurance) expects to disclose the financial results for the fiscal year 2019 by Feb. 28, 2021, the company said in a bourse filing.
The company expects preliminary financial statements for the period ended March 31, 2020 to be announced by May 31, 2021; preliminary financial statements for the period ended June 30, 2020 to be announced by June 30, 2021; and preliminary financial statements for the period ended Sept. 30, 2020 to be announced by July 31, 2021.
The company noted that, due to the resignation of the former head of the audit committee, there was lack of quorum for the committee, which made it impossible to complete the review of the 2019 financial statements.
It further said that a new head of the committee was appointed on Jan. 20, 2021, after getting the Saudi Central Bank’s (SAMA) no-objection letter.
Wafa Insurance is currently subject to financial reorganization as per the Saudi bankruptcy law.
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