21/07/2014
Losses of the two companies more than 50% and less than 75% of the capital
Two-hour trading halt on the shares of «International Insurance» and «Arab Insurance»
The financial market authority on the application of the rules of procedure and instructions for listed companies on the market that reached its 50 percent more to both Saudi Indian company for insurance and the insurance company with Arabic cooperative insurance losses Arabic collaborative end of the first half of the year, 73.3 per cent, while global insurance losses to 73.64 per cent, bringing the total number of companies whose losses of 50 per cent of the share capital number four companies having applied the Commission procedures last week All of Bishah agriculture development co. and global insurance company for the same reason.
The body said that because the two companies ' losses are in the range between 50 per cent and 75 per cent they would suspend trading on their two hours beginning on Monday, in addition to the marked in yellow in front of each other's name on the website of the Saudi stock market. A Saudi Indian company for co-operative insurance announced today the accumulated losses of $ 73.3 million by 73.3 per cent of its capital. The main causes of these losses before operating expenses relating to the establishment of the company as well as the cumulative effect of claims incurred. The company will apply the procedures and instructions issued by the capital market authority and the companies listed their shares on the market accumulated losses amounting to 50 per cent or more of its capital, where the company will advertise to the public at the end of each month on financial management during the 10 days following the end of each month, in addition to the Declaration to the public without delay when repositioning the accumulated losses reduction of 50 per cent of its capital.
The insurance company also declared Arabic the accumulated losses of the cooperative 147287 thousand riyals, or 73.64 per cent of the capital of the company as at the end of the second quarter of 2014, largely because of losses to the company's operating losses in 2012, 2013, and the first half of 2014. The company indicated that it would apply to company procedures and instructions issued by the capital market authority referred to.
The financial market authority issued a decision last month to adopt the procedures and instructions for companies listed their shares on the market accumulated losses amounting to 50 per cent or more of its capital to work with these procedures and instructions from the beginning of the month July 2014. In accordance with the decision of the body it is being applied, inter alia, procedures and instructions to listed companies whose shares accumulated losses amounting to 50 per cent or more of its capital, and was divided into three bands: I respect companies that accumulated losses amounted to 50 per cent or more and less than 75 per cent and includes a two-hour suspension procedures and a yellow mark beside the name of the company on the capital market, while the two firms accumulated losses amounting to 75 per cent or more and less than 100 per cent and includes Actions on the trading its shares for one meeting and marked her name on the market, with the latest range of dedicated companies that accumulated losses amounted to 100 per cent or more of its capital and include procedures to suspend trading in shares of the company and a red mark next to its name on the market.
