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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.

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Chairman Mr. Abdulaziz Alnamla & President Mr. Aiman Almasri visited MESC Plant-KSA in 29th of December 2016

Chairman of MESC group Mr. Abdulaziz Al-Namla and President Mr. Aiman Al Masri paid visit to the MESC factory, during this visit Mr. Abdulaziz meet the head of departments in the factory and stand on the progress of work at the plant. At the end of his visit Mr. Abdulaziz urging all departments for more effort and giving and teamwork.

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MESC-RAK Receives a direct Purchase order from BAPCO

Wholly owned by the Government of Bahrain, Bapco is engaged in the oil industry including refining, distribution of petroleum products and natural gas, sales and exports of crude oil and refined products. The company owns a 264,000 barrel-a-day refinery, storage facilities for more than 14 million barrels, a marketing terminal and a marine terminal for its petroleum products. 95% of the company’s refined products are exports. Bapco is primarily engaged with exploration, refining, storage, production, marketing, training and development, and environmental initiatives in the kingdom.

MESC-RAK has secured the first direct purchase order from BAPCO to be supplied completely from MESC-RAK  facility . this a very important addition to MESC-RAK approvals and supply record.

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A cooperation agreement conclude with the Disabled Children’s Association

Middle East Specialized Cables Company (MESC) and Disabled Children’s Association signed a memorandum of understanding, as a National Initiative for safe driving (Ya3tek Khairha ), which aims to reduce the incidence of disability through all possible means. Mr. Aiman Al-masri – MESC president – represented MESC at the signing of the memorandum. Mr. Suleiman Mansour represented – Executive Director of the National Initiative for driving safe “Ya3tek Khairha ” he had expressed his happiness with this cooperation with (MESC) Company with his thanks and appreciation to the management of the company on their interaction and their consent to participate in the program, initiative and cooperation with the Assembly.

Chairman of MESC group Mr. Abdulaziz Al-Namla and President Mr. Aiman Al Masri paid visit to the MESC factory, during this visit Mr. Abdulaziz meet the head of departments in the factory and stand on the progress of work at the plant. At the end of his visit Mr. Abdulaziz urging all departments for more effort and giving and teamwork.

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Chief Executive Officer of Middle East Specialized Cables (MESC), Eng. Ayman Bin Ibrahim Almasri, in an exclusive interview with Al-Sanaat Al-Watania magazine

Al-Sanaat Al-Watania magazine interviewed the Chief Executive Officer of Middle East Specialized Cables (MESC), Eng. Ayman Bin Ibrahim Almasri. He talked about MESC Company and how it is a leader of specialized cables industry in KSA and the Middle East. Eng. Ayman confirmed that MESC has been in the Gulf Cooperation Council countries for many years and that the demand on its products is still increasing, in spite of the mass competition from Indian, Chinese, and other big companies around the world. Eng. Ayman also talked about the company and what it offers for the localization, he said: MESC Company plays an important role in the field of localization through its advanced training center. In the end of the interview Eng. Ayman thanked the Saudi leadership for their concrete support of the local industries and its quest to diversify sources of national income through 2030 KSA Vision.

Read more by visiting the magazine website: http://sna3at.com/Journal/10