Tadawul suspends SIECO shares as of today

The Saudi Tadawul Group halted trading on the shares of Saudi Industrial Export Co. (SIECO) as of today, April 29, 2021, according to a bourse statement.

The decision was based on the exchange’s authorities stipulated in the listing rules, and to the procedures of suspension of listed securities as the company’s audit report contained disclaimer of opinion on the financial statements for the period ending on Dec. 31, 2020.

Earlier today, SIECO said that the external auditor of the company refrained from expressing an opinion on the annual financial results for 2020, adding that the audit committee had difficulty in wrapping up the notes of the external auditor, according to data compiled by Argaam.

In addition, the committee monitored administrative and financial violations of the previous executive management.