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Four Foreign Firms Failed to Disclose Financial Statements

ABU DHABI — Four foreign companies registered with the two national bourses have failed to submit their quarterly financial statements, the country’s corporate watchdog Securities and Commodities Authority, or SCA, revealed.

The National International Holding Company of Kuwait, Al-Madina for Finance & Investment Company of Kuwait, Grand Real Estate Projects Company of Kuwait and National Industries Group Holding of Kuwait have only announced summary of financial results without disclosing the complete financial statements in accordance with the authority’s requirements, SCA said.

However, the commitment of the UAE’s public joint stock companies with regard to disclosure of their financial statements for the second quarter of the year reached 100 per cent with the exception of Aabar Investments and Amlak Finance, the stock market regulator said on Tuesday.

The Securities and Commodities Authority said that Aabar Investments has postponed its disclosure.

SCA cited the merger between Amlak and Tamweel Finance as the reason behind the delay in revealing Amlak’s financial statement.

The authority’s grace period granted to companies to submit financial statements expired on August 14.

“So far the Authority received financial statements of 125 out of 131 listed companies, representing a total disclosure level to 97 per cent,” the corporate watchdog said in a 
Press statement.

The local listed public joint stock companies, that released their financial results for the second quarter totalled 104 out of 106. The SCA, which promotes corporate governance and transparency, issues a quarterly statement to name and shame the companies failing to submit their financial statements on time, in order to safeguard the rights of investors and shareholders. — haseebhaider@khaleejtimes.com