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Middle East Specialized Cables Co (MESC) Announcement Update on the Progress of the Conversion to IFRS Accounting (3rd Phase)

As per the requirements of the Capital Market Authority for all listed entities on the Saudi Stock Exchange to adopt International Financial Reporting Standards (IFRS), endorsed by the Saudi Organization for Certified Public Accountants (SOCPA); Middle East Specialized Cables Co (MESC) announces its third update on progress of the conversion to IFRS Accounting as follows:
1. The IFRS Opening Balance Sheet reconciliation & notes, detailing the IFRS recalculation impacts have been completed.
2. The IFRS Accounting Policies have been approved by the Board of Directors on 28-12-2016.
3. The IFRS financial statement for quarter ended 31st March 2016 (comparatives of first quarter 2017) have already been prepared.
4. There are no significant impacts on the entity as a result of implementing the IFRS.
5. MESC has not faced any difficulties and does not expect to face any major obstacles for the transition to IFRS accounting.
6. MESC is ready to produce its first set of IFRS financial statements for the quarter ended 31st March 2017 within the applicable regulatory period.