The CMA Board has issued a resolution regarding the Allied Cooperative Insurance Group (ACIG). The company failed to announce its initial financial statements for the period ending in 31/03/2012 within the specified period by the Listing Rules. The company also announced its annual financial results as of 31/12/2011 on TADAWUL website on Thursday 27/05/1433H corresponding to 19/04/2012 which showed that the losses of 2011 amounted to 10.5 million Saudi Riyals resulting in accumulated losses amounting to about %80.9 of its capital. This requires the necessary statutory procedures.  The resolution included:

A)    Continuing the Suspension of Trading the Shares of Allied Cooperative Insurance Group (ACIG) until announcing its initial financial statements for the period ending on 31/03/2012.

B)     The company has to correct its position in regard to its accumulated losses that exceeded three quarters of its capital in accordance to the relevant regulations and not later than the date in which the company announces its initial financial statements for the period ending on 30/06/2012.