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Arabia Insurance Cooperative Co. Announces an increase on the net assets of the company due to the valuation of its investment in Najm for insurance services company (Najm)
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AICC
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1444/09/18 09/04/2023 08:19:21
| Element List | Explanation |
|---|---|
| Announcement Detail | Arabia Insurance Cooperative Co. announces a significant favorable impact in the net assets of the company, due to an increase in the value of investment held in Najm for insurance services company (Najm). The Company owns 3.45% shares in Najm for insurance services company and this was historically carried at cost, amounting to SAR 1.9 million, will now be valued at fair value estimated to be at SAR 39.7 million for the year ended 31 December 2022, based on the independent valuation carried out by Najm following the adoption of IFRS 9 “Financial Instruments” effective January 01, 2023. The Company will be accounting for this increase in the net asset value of investments of around SAR 37.8 million through other comprehensive income. The impact of this will be reflected in the quarterly financial statements for the period ending 31st March 2023. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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