With reference to announcement of CMA dated on 21/08/2016 regarding the disclosing of the transition plan for implementing IFRS, the company would like to announce that draft financial statements for physical year 2015 and Q1 2016 is ready according to IFRS requirement in addition to the financial statements issued according to SOCPA for the same period,and it will be available on company website www.chemanol.com starting from 04/09/2016 .
Also the company announces that there is no major impact on the financial statements as a result of implementation of IFRS.
Also the company has appointed an external consultant Ernst&Young during this transition phase which has the competence and experience for this job, also company has nominated additional internal team who is professional with financial affairs and to be in charged for IFRS transition plan, also training was provided to all finance department employees on the implementation of IFRS, Chemanol did not face any difficulties so far in the transition process toward implementation of IFRS.
The company would like to inform its shareholder that it will be ready to issuing financial statements according IFRS starting from Q1, 2017 which ended on 31/03/2017
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.