Al Hammadi Holding — Capital/Financing Update 2017

Jan 30, 2017

Al Hammadi Company for Development and Investment Announces the Progressing on the IFRS Conversion Project (Phase 3)

4007 · 30/01/2017 15:59:09 · Announcement #45393 · View on Saudi Exchange

Al Hammadi Company for Development and Investment Announces the Progressing on the IFRS Conversion Project (Phase 3)

Following the resolution issued by the Board of Commissioners of CMA on 21-8-2016 regarding the disclosure of the listed companies their transition progress to the International Financial Reporting Standards (IFRS). And following to what we announced regarding Phase 2 on 25-10-2016. Al Hammadi Company for Development and Investment announces the progressing on the IFRS conversion project (Phase 3) as follows:

1- The Board of Directors has approved the new accounting standards.

2- The company has completed the preparation of the interim and year-end skeleton financial statements under IFRS and shared them with the Company auditor for review and discussion.

3- The company prepared the first quarter of 2016 financial statements according to the IFRS.

4- The company has no barriers to prepare the financial statements according to the IFRS for the financial periods starting 1/1/2017.

5- There is no material adjustments as a result of the conversion.

6- The Company is ready to issue the first quarter 2017 financial statements under the IFRS within the determined period.

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.