Al-Khodari shares to remain on trading halt pending financials’ disclosure

The Capital Market Authority (CMA) will maintain a trading halt on Abdullah A. M. Al-Khodari Sons Co.'s shares pending the disclosure of the company’s financial statements, according to a bourse statement. 

The Saudi Stock Exchange (Tadawul) on April 30 placed a trading halt on the company’s shares until it could disclose its fiscal financial results for the FY18.

Al-Khodari was notified by Dammam commercial court that one of the firm’s creditors filed for a financial restructuring under Saudi Arabia’s new bankruptcy law. The court set June 12, 2019 to review the creditor’s request.

The goal of the restructuring is to facilitate an agreement with creditors under the supervision of a financial restructuring secretary, the statement said.

Earlier this month, the firm said that it couldn’t reveal 2018 financials because it is still fulfilling audit requirements after reporting its accumulated losses accounted for 198.52 percent of capital.