United Electronics Company (eXtra) [4003.SE] announced phase II of its transition plan to International Financial Reporting Standards (IFRS). The company has received a report from its external advisor, which includes differences in accounting treatments between Saudi Arabia accounting standards and international accounting standards. These changes will be presented to the company’s audit committee and Board of Directors. The target date to prepare the first IFRS financial statements is by end of November 2016. (Tadawul) eXtra: SAR17.08 as of 26 October 2016, Rating: Neutral, FV: SAR24.00 per share, MCap: USD164mn, EXTRA AB / 4003.SE
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