Further to the announcement made on Tadawul on 27th of October, 2016 regarding the developments on conversion plan to the International Financial Reporting Standards (IFRS), the Group is pleased to announce the following:-
1) The first and second phases of conversion plan have been completed which includes the BOD approval of accounting policies as per IFRS.
2) Due to the vast regional geographical spread of the Group and its diversified industrial segmental presence, the Group is still working on finalizing the draft Consolidated Financial Statements as at 1/1/2016 and comparatives for first quarter of 2016 in accordance with IFRS. These financial statements are expected to be finalized and released within the applicable regulatory period for announcing the financial results of first quarter 2017.
3) The impact of implementing the IFRS conversion shall be disclosed upon finalization of above mentioned financial statements.
4) There are no substantial obstacles that may affect the Group's ability to finalize its financial statements in accordance with IFRS.
5) The Interim Consolidated Financial Statements for the first quarter of 2017 will be finalized within applicable regulatory period.
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.