Saudi Arabia’s Capital Market Authority (CMA), the stock market regulator, said on Thursday it will lift a trading halt placed on shares of Saudi Arabian Cooperative Insurance Co. (SAICO) on April 17, after the company disclosed information about recording some claims pertaining to fiscal year 2015 in Q1-2016 financial results.
On Thursday, the market regulator decided to temporarily suspend trading on SAICO’s shares as the company failed to comply with the listing and disclosure regulations, according to the data available on Argaam.
SAICO said it was ordered by the Saudi Arabian Monetary Agency (SAMA) to conduct an “urgent investigation” on recording some claims pertaining to fiscal year 2015 in the insurer’s Q1-2016 financial results.
Meanwhile, the insurer added that those claims have no material impact on last year’s figures, as sufficient provisions were allocated in the motor insurance segment, as well as other business segments in 2015.
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