Tadawul suspends Makkah Construction shares for one session

Logo of Makkah Construction and Development Co. (MCDC)

The Saudi Exchange (Tadawul) halted trading on shares of Makkah Construction and Development Co. (MCDC) for one session, today, Aug. 7.

In a statement, Tadawul said the suspension was due to the company’s failure to disclose its financial statements for the six-month period ended Shawwal 29, 1443 (May 30, 2022), as per the Listing Rules and the Procedures of Suspension of Listed Securities.

Trading on the shares will resume on Aug. 8, the statement said, adding that the company should publish its financial statements before the end of Aug. 23.

If the company fails to announce its financial statements during the specified period, the shares will be suspended again starting from Aug. 24 until MCDC announces its financial statements.

The real estate developer announced today that the disclosed financial statements for the six-month period were not approved by the company’s external auditor, according to data available with Argaam.

The financial statements will likely be disclosed within 10 days, the company said, expecting a relevant financial impact due to factoring in unrecognized provisions.