Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) (2070.SE) announced plans to start implementing International Financial Reporting Standards (IFRS) on 1 January 2017. The company has appointed KPMG as an external advisor for the transition process, in addition to establishing an internal team responsible for its implementation, targeting to prepare the first IFRS financial statements on 30 November 2016 for 1Q16 and 2Q16. (Tadawul) SPIMACO: SAR34.02 as of 28 August 2016, Rating: Buy, FV: SAR45.00 per share, MCap: USD1,089mn, SPIMACO AB / 2070.SE
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