Mubasher: Yiaco Medical Company announced its response on what was reported by newspapers regarding the trading halt on the firm’s stock for one year.
The news said that the mentioned suspension is attributed to Yiaco Medical’s non-commitment to disclosing its accumulated losses balance correctly for the fiscal year ended on 31 December 2018 on 28 February 2019.
In this regard, Yiaco Medical affirms that it is considering an appeal against this resolution, as the company disclosed its actual accumulated losses balance on 14 March 2019, according to a filing to Boursa Kuwait on Thursday.
Yiaco Medical stressed that the reported news will have no impact on the firm’s financial profile.
It is worth remarking that during fiscal year 2018, Yiaco Medical posted a decline of 84.7% in losses to KWD 1.366 million compared to KWD 8.945 million in the previous year.
