Trading halt on Al Sagr Insurance today for failure to disclose Q1 2022 financials

Logo of Al Sagr Cooperative Insurance Co.

The Saudi Exchange (Tadawul) announced that a one-session trading halt will be placed on Al Sagr Cooperative Insurance Co. today, May 25, as it failed to disclose financial statements for Q1 2022 during the regulatory period.

Trading will resume for 20 sessions from May 26, and the financial statements should be disclosed before end of trading on June 22. Otherwise, another trading suspension will be placed on the stock as of June 23, until the disclosure of the financial statements.

The step comes as the insurer did not comply with the specified period mentioned in the Rules on the Offer of Securities and Continuing Obligations and in accordance with Tadawul’s authorities stipulated in the Listing Rules, and the Procedures of Suspension of Listed Securities.

According to data compiled by Argaam, Al Sagr Insurance announced its inability to disclose its financial results for the three-month period ended on March 31, 2022, within the specified time as it failed to complete the regulatory measures related to the formation of a board of directors authorized to approve the interim financial statements, in accordance with the company’s articles of association.