Addendum Announcement from United Cooperative Assurance Company in regard to the announcement related to one of its creditors has filed a request with the Commercial Court in Riyadh to initiate liquidation proceedings
| Element List | Explanation |
|---|---|
| Introduction | Whereas the United Cooperative Assurance Company had previously announced on the Saudi Exchange "Tadawul" platform on Thursday, 28 Rabi’ al-Awwal 1448H (corresponding to 10 September 2026) and Sunday, 02 Rabi’ al-Thani 1448H (corresponding to 13 September 2026) that one of the Company’s creditors had filed a request with the Commercial Court in Riyadh to initiate liquidation proceedings, that the Board of Directors had resolved to request the opening of a financial reorganization procedure in order to preserve shareholders’ rights and the continuity of the Company, and that the Commercial Court in Riyadh had issued a decision accepting the "request to initiate liquidation proceedings" and registering the request for consideration in accordance with relevant statutory procedures; the Company would like to announce that it has received the ruling issued by the Ninth Commercial Circuit of the Commercial Court in Riyadh in Case No. 481001140, under deed No. 452005635 dated 19/04/1448H (corresponding to 30 September 2026). |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2026-09-13 Corresponding to 1448-04-02 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The Company would like to announce that it has received the ruling issued by the Ninth Commercial Circuit of the Commercial Court in Riyadh in Case No. 481001140, under deed No. 452005635 dated 19/04/1448H (corresponding to 30 September 2026), following the hearing held on 19 Rabi’ al-Thani 1448H (corresponding to 29 September 2026) to consider the submitted request. The ruling provides as follows: 1. The opening of a liquidation procedure in respect of the Company; 2. The appointment of Mr. Marei Abdulaziz Marei Al-Omari as trustee of the procedure, to carry out the functions, powers and duties set out in the Bankruptcy Law and its Implementing Regulations; and 3. The lifting of the attachment over all of the Company’s assets and their delivery to the trustee. The Circuit did not accept the Company’s request for the opening of a financial reorganization procedure. The Company will review the ruling to assess the grounds and reasoning upon which it was based, in preparation for filing an objection before the Court of Appeal in accordance with applicable regulations and will announce any developments in this regard. |
| Financial Impact on the change | The financial impact of the ruling on the Company cannot be determined at the date of this announcement. The Company will disclose it in accordance with relevant regulatory requirements once it becomes determinable. |
| Additional Information | The Company affirms that it will continue to take the necessary regulatory and legal measures to protect the interests of the Company, its shareholders, and stakeholders, and will disclose any material developments in this regard in accordance with relevant regulatory requirements. |
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