ADX requires companies to produce annual financial report on time

Results should be out within three months after end of financial year

  
Image used for illustrative purpose. An investor looks up at electronic boards displaying stock information at the ADX Abu Dhabi Securities Exchange stock market October 23, 2012.

Image used for illustrative purpose. An investor looks up at electronic boards displaying stock information at the ADX Abu Dhabi Securities Exchange stock market October 23, 2012.

REUTERS/Stringer

The Abu Dhabi Securities Exchange (ADX) has asked companies to produce their audited annual financial report on time.

ADX said in a circular on Tuesday that the report should be approved by the board of directors of the company and submitted within three months after the end of a financial year.

The exchange also reiterated that board members and insiders will be automatically prevented from trading until the relevant annual financial report is received.

“The listed companies should either disclose the financial report before or after the trading session according to the circulation of Securities and Commodities Authority,” ADX said.

The circular was issued to highlight the importance of disclosure and transparency for the benefit of all stakeholders.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2021

More From Financial Services