SIIG has released an update on the transformation process to IFRS highlighting the recognition of an impairment charge on the company’s investment in Petrochemical Conversion Company (PCC, 50% JV with Arabian Chevron Phillips), due to losses incurred at the project given challenging industry dynamics. Based on the release, the investment is expected to be impaired by SAR1,323mn, bringing the new balance to SAR190mn. The impairment impact will also be reflected in the company’s retained earnings upon the release of the IFRS financial statements (expected prior to 31 January, 2016). The release also noted that SIIG had already provided financial assistance of SAR300 mn to the project after the start of operations and that the management is working to reduce losses going forward. (Tadawul)