In compliance with the Law No 7 of 2010 regarding the establishment of the Capital Markets Authority (CMA) and Regulating securities activities and its amendments, and Module (10) from the executive regulation regarding the Disclosure of Material Information.

It was recently brought to the attention of the Board of Directors (the “Board”) of Mushrif Trading and Contracting, K.S.C.P. (the “Company”) that there might have been inaccurate cost transfers between the projects of the Company. As a result, the Company hired a reputed third-party to review the cost transfers and mandated the Company’s auditors to validate the accuracy of such transfers and their related accounting implications. The auditors indicated that they might require up to 8 weeks to conclude the assignment. Moreover, they also advised that their review of the third-quarter results will not be concluded before such time. As a result, kindly be advised that the financial results for the third-quarter of 2016 cannot be made public within the stipulated regulatory deadline.

Meanwhile, the company is keeping the CMA fully updated with respect to this matter and will make information available as soon as possible.

Sincerely,

Ahmed Ali Abdulaziz Al Wazzan
Administation Manager