Alujain Holding unable to disclose FY2019 financials due to NATPET delay

26/03/2020 Argaam

 

Alujain Holding announced its inability to publish its annual financial results for the fiscal year 2019 on time, attributing the reason to the delay of its subsidiary, National Petrochemical Industrial Co. (NATPET), in submitting its financial statements.

 

Alujain added, in a bourse filing on Thursday, that NATPET did not submit the statements despite repeated communications, as well as the statement of NATPET’s audit committee chairman on March 2, in which he mentioned that the financial results will be disclosed during the board’s meeting on March 12.

 

Alujain further explained that it addressed NATPET again on March 15, and the latter sent its FY2019 financial results on March 24 evening. However, the external auditor of Alujain was unable to finalize the audit of its financial statements within the timeframe.

 

On the next step, Alujain expects the external auditor to complete the audit procedures before April 13, 2020.

 

The company also said that trading suspension might be applied according to the listing rules announced on March 25, 2019.

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