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The Middle East Specialized Cables (MESC) hereby invites its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting)

The Board of Directors of the Middle East Specialized Cables (MESC), a Saudi joint stock company, is pleased to invite its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting), to be held, God willing, Sunday 6.30pm, 19-07-1438 (corresponding to 16-04-2017), at the Company’s head office located at the King Abdulaziz District, Salahudeen Al-Ayoubi St. (Sitteen), Riyadh, to consider the following agenda;

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The Middle East Specialized Cables (MESC) hereby invites its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting)( Reminder )

The Board of Directors of the Middle East Specialized Cables (MESC), a Saudi joint stock company, is pleased to invite its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting),(Reminder) to be held, God willing, Sunday 6.30pm, 19-07-1438 (corresponding to 16-04-2017), at the Company’s head office located at the King Abdulaziz District, Salahudeen Al-Ayoubi St. (Sitteen), Riyadh, to consider the following agenda;

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The Middle East Specialized Cables (MESC) hereby invites its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting)

The Board of Directors of the Middle East Specialized Cables (MESC), a Saudi joint stock company, is pleased to invite its respected Shareholders to attend the 11th Ordinary General Assembly (First Meeting), to be held, God willing, Sunday 6.30pm, 19-07-1438 (corresponding to 16-04-2017), at the Company’s head office located at the King Abdulaziz District, Salahudeen Al-Ayoubi St. (Sitteen), Riyadh, to consider the following agenda;

1.Voting on the Directors Report for the financial year ended on December 31 2016.
2.Voting on the Company financial statements for the financial year ended on December 31 2016.
3.Voting on the Auditors Report for the financial year ended on December 31 2016.
4.financial year 2017 and the relevant financial information and determining his remuneration.
5.Voting on releasing Board of Directors from liability for the year 2016.
6.Voting on the transactions to be carried out between the Company and the Middle East Fiber Cable Manufacturing Co. (MEFC) represented by MESC Chairman Eng. Abdulaziz Mohammed Alnamlah namely buying finished goods and providing services and businesses, without any preferred conditions, and authorizing same for a coming year taking into account that the value of the transactions made in 2016 (buying finished goods and providing services and businesses) was SAR 5,349,201.
7.Voting on the transactions to be carried out between the Company and Contractors Services Co. represented by MESC Chairman Eng. Abdulaziz Mohammed Alnamlah namely selling cables without any preferred conditions and authorizing same for a coming year taking into account that the value of the transactions made in 2016 (selling cables) was SAR 760,280.
8.Voting on the transactions to be carried out between the Company and the Middle East Mold and Plastic Factory Co Ltd (MEMPF) represented by MESC Board Member Abdulraouf Waleed Albitar namely buying molds and plastic without any preferred conditions and authorizing same for a coming year taking into account that the value of the transactions made in 2016 (buying molds and plastic) was SAR 13,650.

Each shareholder shall be entitled to attend the Ordinary General Assembly and he may also deputize another person (not from among Board members or Company staff) to represent him provided that the original power of attorney is brought to the meeting, attested by the Chamber of Commerce any bank or an authorized person or a notary public and be sent via fax to the following number: 00966 11 4723192 or by post to the following address: P.O. Box 60536 Riyadh 11555 at least two days before the date set for holding the meeting and shareholders (principals or agents) shall be required to bring their original ID cards. For inquiries, please call 00966 11 4767373. Please note that a meeting of the Ordinary General Assembly shall be valid only if attended by Shareholders representing at least 25% (twenty five percent) of the Companys capital. If such quorum cannot be attained at the first meeting a second meeting shall be held within an hour following the time set for the preceding meeting. In all cases the second meeting shall be deemed valid irrespective of the number of shares represented therein.

Important Note: Kindly attach copy of the ID card and commercial registration (see attached) alongside the power of attorney before the date set for the meeting.

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Middle East Specialized Cables Co (MESC) Announcement Update on the Progress of the Conversion to IFRS Accounting (3rd Phase)

As per the requirements of the Capital Market Authority for all listed entities on the Saudi Stock Exchange to adopt International Financial Reporting Standards (IFRS), endorsed by the Saudi Organization for Certified Public Accountants (SOCPA); Middle East Specialized Cables Co (MESC) announces its third update on progress of the conversion to IFRS Accounting as follows:
1. The IFRS Opening Balance Sheet reconciliation & notes, detailing the IFRS recalculation impacts have been completed.
2. The IFRS Accounting Policies have been approved by the Board of Directors on 28-12-2016.
3. The IFRS financial statement for quarter ended 31st March 2016 (comparatives of first quarter 2017) have already been prepared.
4. There are no significant impacts on the entity as a result of implementing the IFRS.
5. MESC has not faced any difficulties and does not expect to face any major obstacles for the transition to IFRS accounting.
6. MESC is ready to produce its first set of IFRS financial statements for the quarter ended 31st March 2017 within the applicable regulatory period.

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New Egyptian Branch for Al-Moussa Cables

On 6, Dec 2016 Al-Moussa Specialized Cables Co. held the opening ceremony for their new branch in Cairo. The opening ceremony was attended by MESC VP Marketing & Sales Mr. Tamer Salama and other MESC colleagues, additionally, a number of Egyptian businessmen including Sports Minister Mr. Taher Abu Zaid, were present during the ceremony.

 

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Middle East Specialized Cables Co (MESC) Announcement Update on the Progress of the Conversion to IFRS Accounting

As per the requirements of the Capital Market Authority for all listed entities on the Saudi Stock Exchange to adopt International Financial Reporting Standards (IFRS), endorsed by the Saudi Organization for Certified Public Accountants (SOCPA); Middle East Specialized Cables Co (MESC) announces its second update on progress of the conversion to IFRS Accounting as follows:
1. IFRS Transition Plan
The detailed plan for the transition to IFRS accounting & accounting policies has been validated by the management and under implementation.
2. IFRS Consultant
A specialist external IFRS consultant has been appointed for the IFRS transition project and the consultant is working with MESC on the execution of the IFRS transition project.
3. Internal IFRS Team
The external IFRS consultant onboard is working with an experienced in-house finance team that has been established for managing and delivering the IFRS transition project for MESC.
4. IFSR Transition Status
MESC has not faced any difficulties and does not expect to face any major obstacles for the transition to IFRS accounting.
5. First IFRS Financial Statements
MESC will produce its first set of IFRS financial statements for the quarter ended 31st March 2017, alongside IFRS based comparatives for the quarter ended 31st March 2016. All subsequent financial statements (including comparatives) will be prepared based on IFRS.
6. IFRS Accounting Policies
The target date for approving the IFRS accounting policies is the 15th December 2016, to allow a smooth transition to IFRS accounting by 1st January 2017.

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Chief Executive Officer of Middle East Specialized Cables (MESC), Eng. Ayman Bin Ibrahim Almasri, in an exclusive interview with Al-Sanaat Al-Watania magazine

Al-Sanaat Al-Watania magazine interviewed the Chief Executive Officer of Middle East Specialized Cables (MESC), Eng. Ayman Bin Ibrahim Almasri. He talked about MESC Company and how it is a leader of specialized cables industry in KSA and the Middle East. Eng. Ayman confirmed that MESC has been in the Gulf Cooperation Council countries for many years and that the demand on its products is still increasing, in spite of the mass competition from Indian, Chinese, and other big companies around the world. Eng. Ayman also talked about the company and what it offers for the localization, he said: MESC Company plays an important role in the field of localization through its advanced training center. In the end of the interview Eng. Ayman thanked the Saudi leadership for their concrete support of the local industries and its quest to diversify sources of national income through 2030 KSA Vision.

Read more by visiting the magazine website: http://sna3at.com/Journal/10