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97% of the PSE listed companies disclosed their audited financial statements before the deadline

2007-08-16

97% of the PSE listed companies disclosed their audited financial statements before the deadline

 Listed companies in the PSE successively disclosed their audited financial statements for this semi-annual period, for the first time since the start of market activity in 1997, with the legal deadline for the end of the semi annual disclosure being yesterday. The head of the Governing Council, the Executive Chairman of the PSE Hassan Abulibdeh stated that 34 companies out of 35 listed companies disclosed their financial statements within the prescribed time limit, adding that “An important sign as for disclosure.”Abulibdeh praised the companies commitment in disclosing within the time available, adding that the market decided to take a number of measures derived from the law and the market rules and instructions of the capital market towards the Arab Investors Co.(ARAB) which was the only company that did not disclose, this in order to protect shareholders rights. Abulibdeh pointed out that this is the first time in the history of PSE where audited financial statements of prior legal auditation to the company was received, after amending the rules of the market at the end of last year, in order to enhance the efficiency of transactions, fair pricing of securities and to strengthen investor confidence for the PSE’s listed companies. The results of the companies revealed that 23 of the financial statements of companies achieved a profit for this semi-annual period while 11 companies suffered losses. Abulibdeh explained the delay of most companies in disclosing the results the last 3 days of the legal period.