Capital Market Authority (“CMA”) Announces Extending Deadline to Disclose Insurance listed Companies’ Interim Financial Statements for the period Ending on 31 March 2023
Sunday, April 30, 2023 at 4:15 PM
As part of its role in supporting all participants in the capital market, and in light of the challenges facing the insurance sector for applying International Financial Reporting Standard (IFRS) 17 “Insurance Contracts”, and based on the request received by CMA from insurance executive committee to extend the deadlines for disclosing the insurance companies’ financial statements and after coordination with Saudi Central Bank (SAMA). The CMA announces extending the deadline to disclose the interim financial statements of Tadawul-listed insurance companies for the period ending on March 31, 2023 until Dhu al-Hijjah 14, 1444, corresponding to July 02, 2023.
And based on the Procedures of Suspending the Trading of Listed Securities in accordance with the Listing Rules, the shares of any Tadawul-listed insurance company that has not disclosed its interim financial statements for the period ending on March 31, 2023, during the specified period, which ends on July 02, 2023, shall be suspended for one trading session following the end of the specified deadline, and the trading of the shares of these companies will resume on Dhu al-Hijjah 16, 1444, corresponding to July 04, 2023, for a period of twenty trading sessions. Tadawul-listed insurance companies must disclose their interim financial statements during this period, otherwise the trading of their shares will be re-suspended starting from Tuesday 14 Muharram 1445 corresponding to August 01, 2023 until they disclose their interim financial statements for the period ending on March 31, 2023.