Wafa Insurance unable to disclose Q1 2021 financials on time

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said in a bourse statement that it was unable to disclose its financial results for Q1 2021 within the specified time.

The company is exposed to financial reorganization procedures under the Saudi bankruptcy law. Thus, it is committed to finalizing the publication of the previous financial results.

The Tadawul-listed firm expects to announce its Q1 2021 financial results before Sept. 30, 2021 and will announce any relevant developments in due course.

The insurance firm also clarified that its shares will be suspended from trading in accordance with the listing rules announced on Tadawul website on March 25, 2019.

The financial impact cannot currently be determined, and, if any, will be disclosed in due course.