Takween Advanced Industries announces the phases to transits to IFRS standards (Second Phase)
In reference to Takween Advanced Industries announcement on Tadawul dated 25/8/2016G related to company transition to IFRS standards, the company herein states the following:
The company is still in the preparation process of transition plan and working as per the determined schedule and timeline, where all IFRS related information and data were provided to the consultation office appointed for leading the transition plan.
The company is still working with the consultation office (Master Mind for consultation) to manage the transition project.
The company did not face any major challenges related to the transition to IFRS standards.
The company is still on target to prepare its first IFRS financial statements on December 31, 2017 with comparative balances as of December 31, 2016, and the first IFRS summarized quarter financials under IFRS on March 31, 2017.
The Capital Market Authority and the Saudi Stock 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.