Based on The Saudi Arabian Monetary Agency’s announcement on its website on 9/11/1435H corresponding to 4/9/2014 in regard to prohibiting Sanad Insurance and Reinsurance Cooperative Company from accepting any new subscribers in anyone of its insurance products and therefore it is prohibited from issuing or renewing any kind of insurance policies starting from 12/11/1435H corresponding to 7/9/2014 until a decision is made by the Agency that the company has corrected its position and is directed to settle and pay all its debts and compensations arising from the insurance policies issued before 12/11/1435H.

And based on the Capital Market Law and its Implementing Regulations, CMA announces that the Board has issued its resolution dated 12/11/1435H corresponding to  7/9/2014 to suspend trading the shares of Sanad Insurance and Reinsurance Cooperative Company in the Saudi Stock Exchange (Tadawul) starting from Sunday 12/11/1435H corresponding to 7/9/2014 until the company discloses the financial impact of prohibiting it from issuing or renewing any kind of insurance policies supported by the company’s Auditor’s report . The company also has to correct its position in regard to the decisions received form the Saudi Arabian Monetary Agency as required by the related rules and regulations. Based on that, CMA will look into whether to continue or discontinue suspending the trading of the shares