Pursuant to the company’s announcement on 25/11/1437H (corresponding to 28/08/2016) regarding the convergence to International Financial Reporting Standards (IFRS), Zamil Industrial Investment Company (Zamil Industrial) is pleased to announce the following:
1. The project is progressing in the right direction as planned. To date, the company has not encountered any difficulties in the conversion process to IFRS.
2. Baker Tilly MKM, in collaboration with Zamil Industrial management, has developed new accounting policies consistent with international financial reporting standards to be used as a basis for the preparation of all the company’s financial statements in the future. These policies will be presented to the Board of Directors for approval at the next meeting in December 2016.
3. Zamil Industrial will be ready to implement IFRS with effect from 01/01/2017 and that it will issue quarterly financial statements in compliance with IFRS for the first quarter ending on 31 March 2017.
Further developments, if any, will be announced later.
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.