October 25, 2016

Al Hammadi Company for Development and Investment Announces the Progressing on the IFRS Conversion Project (Phase 2)

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 1 on 30-8-2016. Al Hammadi Company for Development and Investment announces the progressing on the IFRS conversion project (Phase 2) as follows:

1- No updates on what we already announced in Phase 1.

2- As disclosed in Phase 1, the Company is targeting 30-11-2016 to approve the new accounting standards and 15-12-2016 to prepare Q1 2016 financial statements according to the IFRS so the Company will be ready by 1-1-2017 to adopt the IFRS.