Pursuant to the instructions of the Capital Market Authority, Astra Industrial Group announces its progress on the transition to IFRS as follows:
1. A transition plan to IFRS has been approved. The plan includes updating and approving the changes to the accounting policies of the Group before the end of 2016.
2. External consultant has not been appointed for this task, instead the internal team will do the needful and the work will be reviewed by an external consultant to make sure that transition will take place in line with IFRS requirements.
3. An internal team has been formed to be in charge for implementing IFRS conversion plan.
4. We have not face any substantial difficulty so far in the conversion process towards IFRS.
5. The target date for the preparation of the first financial statement will be 31/12/2016, for the opening balances as of 01/01/2016, considering implementing the IFRS for the first time, to provide compared financial statements when start implements the IFRS 01/01/2017.
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.