Taiba Holding announces its stages of transition to the transition to International Accounting Standards (Phase III)

Taiba Holding Company announces that in view of the announcement of the Capital Market Authority of Saudi Arabia on 21/8/2016 regarding the disclosure of the stages of keeping up with the listed companies for the transition to international accounting standards and following the above for Taiba disclosure for the first phase on 26/11 / 1438H corresponding to 29/8/2016 , And the above disclosure of the second phase on 26/1/1438 H corresponding to 27 October 2016 in relation to the stages of the transition plan for the application of international accounting standards, the company wishes to disclose what has been done in this regard to date according to the following: 1. At its meeting held on 21 December 2016, the Board of Directors adopted the accounting policies required to prepare the financial statements in accordance with International Accounting Standards. 2. Opening balances 1/1/2016 were prepared in accordance with international standards. The preliminary financial statements for the first quarter of 2016 have been completed in accordance with International Accounting Standards. 3. There is no significant impact on Taiba Holding arising from the transition to IAS. 4. There are no material constraints affecting the ability of the company to prepare the financial statements in accordance with international accounting standards. 5. The Company declares its readiness to prepare and publish its preliminary financial statements for the first quarter of 2017 in accordance with international standards during the specified period.