| Element List | Explanation |
|---|---|
| Introduction | Referring to the company's announcement on Tadawul website dated 17/06/1441 H corresponding to 11/02/2020 G, regarding the fire incident of one of its subsidiaries’ factories (Arnon Plastic Industries Company). Bawan Company would like to announce that a credit note has been received from the insurance company amounting to SAR 9.6 million representing a partial payment from its existing claim with the insurance company. |
| Previous Announcement | One of the company subsidiaries’ factories was caught fire. |
| Date of Previous Announcement on Tadawul's Website | 2020-02-11 Corresponding to 1441-06-17 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Impact of the Delay on the Company's Financial Results | The company does not expect that this incident will result in a material negative financial impact on the financial results. |
| Additional Information | These proceeds will be used to finance the purchase and installation of one of the production lines that were damaged by the fire, which is expected to be in operation during the third quarter of this year, as the company’s management decided to install it in its factory located in Jeddah city. |
The company’s management expects to re-operate its factory that caught fire in Dammam city during the first quarter of the next year.
The Company will announce later on the financial impact of this fire incident after completion all procedures related to the existing insurance claim with the insurance company.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.