Tadawul suspends trading on Alujain shares

The Saudi Stock Exchange (Tadawul) suspended trading of Alujain Holding Corp. as of today April 30, 2020, for not disclosing its annual financial statements for the fiscal year 2019 within the specified period.

Tadawul added that the halt will remain until the company announces its financial results.

Alujain recently announced that it was unable to publish FY2019 financial statements on time as its external auditor did not receive the group audit instructions relevant to the financial statements of its affiliate, National Petrochemical Industrial Co. (NATPET).

In a separate statement, Alujain said that it received, on Wednesday, a letter from NATPET’s chief financial officer stating that the external auditor has canceled the audit report dated March 24, 2020. Therefore, the previously send financial results of NATPET will be canceled.

The amended annual financial results and audit report will be reissued shortly, including additional disclosures without changes to the numbers, the letter included without stating the reasons for canceling the previous audit reports.

On March 31, the Capital Market Authority (CMA) extended deadline for the Tadawul-listed companies to disclose their annual financial statements for the period ending December 31, 2019, until April29, 2020 , on the back of coronavirus outbreak.