“Osoul Wa Bakhit”: Suspension of the services of an invested company until the license is renewed
Today, Osool and Bakhit Investment Company received a notification from the executive management of one of the investee companies that is classified as a financial investment at fair value through profit or loss.
According to the company’s statement on the website "Saudi Arabia trading"It includes a statement from the Central Bank of Saudi Arabia that the company does not meet the requirements for renewing the license, and therefore the investee company will temporarily suspend the provision of its services to its customers until the regulatory requirements necessary to renew the license are completed.
The investee company is currently working on fulfilling the required requirements and coordinating with the relevant supervisory authority, to ensure the resumption of the provision of services in accordance with the applicable regulatory frameworks.
Osoul and Bakhit will disclose any fundamental developments related to this matter immediately. Availability.
She explained that it is not possible at the present time to accurately determine the financial impact resulting from the temporary suspension of the investee company’s services, as it is related to the duration of the suspension and the completion of the requirements for renewing the license with the competent supervisory authority.
Given that the investment of Bakhit’s assets in this company is classified as financial investments at fair value through profit or loss, any potential financial impact will be reflected – if any – through the change in the fair value of the investment when conducting periodic evaluations in accordance with relevant accounting standards. Relationship. Any potential impact – if any – may also be reflected in the financial results for the current financial period, the results of which have not yet been issued, and the company will disclose any material developments in this regard in a timely manner.
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