Reference to the announcement made on (Tadawul) on August 28, 2016 regarding the developments on conversion plan to the International Financial Reporting Standards (IFRS) and according to the disclosure requirements of phase 1, the Company announces the developments on the conversion process on phase 2 as follows:
1. There are no developments related to what has been announced in phase 1.
2. As announced in the phase-1 that the targeted and planned to approve the accounting policies by the Board of Directors was 31/10/2016. This date was delayed to 30/11/2016.
3. Change the targeted date for the first financial statements as at 01/01/2016 and the interim financial statements for the first and the second quarters 2016 based on (IFRS) to 31/12/2016.
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.