The Saudi Capital Market Authority announced that it has extended the deadline for disclosing the initial financial statements of the insurance companies listed in the market for the period ending on March 31, 2023, until July 02.
The Authority said in a statement today, Sunday, that this comes in line with the Authority’s role in supporting all dealers in the financial market, and given the challenges facing the insurance sector to start applying International Financial Reporting Standard 17 “Insurance Contracts.”
She stated that the decision also comes based on a request received by the Authority from the Executive Insurance Committee regarding extending the deadlines for disclosing the financial statements of insurance companies, and after coordination with the Central Bank of Saudi Arabia.
And the Authority continued, “Based on the procedures for suspending trading of securities listed in accordance with the market listing rules, the share of any insurance company listed in the Saudi financial market that does not disclose its initial financial statements for the period ending on March 31, 2023 during the specified period that ends on July 02, 2023, shall be suspended.” For one trading session following the expiration of the specified period, and trading in the shares of these companies will resume on July 04, 2023 AD for a period of twenty trading sessions.
It revealed that companies must disclose their preliminary financial statements during this period, otherwise the trading of their shares will be re-suspended starting from Tuesday, corresponding to August 1, 2023, until they disclose their preliminary financial statements for the period ending on March 31, 2023.
