Osool & Bakheet receives investee notice on temporary service suspension

Logo of Osool & Bakheet Investment Co.

Osool & Bakheet Investment Co. received today, March 9, a notice from the executive management of one of its investee companies, classified as a financial investment at fair value through profit or loss, stating that the Saudi Central Bank (SAMA) reported the company did not meet license renewal requirements.

The investee will temporarily suspend services until the regulatory requirements are completed.

In a statement on Tadawul, Osool & Bakheet said that the investee is working to meet the required conditions and coordinating with the relevant supervisory authority to resume services under applicable regulations.

The company confirmed it will disclose any material developments related to this matter once available.

Osool & Bakheet said the financial impact of the temporary suspension cannot be determined accurately now, as it depends on the suspension duration and completion of the license renewal with the competent authority.

Since the investment is classified as financial at fair value through profit or loss, any potential impact will be reflected in changes in fair value during periodic valuations according to accounting standards.

Any potential effect may also appear in the current financial period results, which are not yet issued. The company will disclose material developments in due course.