Riyadh – Mubasher: Saudi Industrial Export Co (SIEC) raised SAR 14.05 million from Afia International Co. after a final ruling which was issued in its favour in December 2017.
SIEC redeemed the money on Tuesday, 13 December.
The firm will announce the financial impact of this amount during the first quarter of 2018, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).
On 26 February 2018, Jeddah court issued a final ruling for SIEC to recover SAR 14.05 million from Afia International Co.
The ruling is related to an agreement between SIEC and Shahd Al Sahraa to distribute Afia International Co.’s products in South Jeddah and East Riyadh.
SIEC’s stock decreased 1%, closing Wednesday at SAR 279.58
