Ash-Sharqiyah Development terminates SAR 29 mln contract

Ash-Sharqiyah Development Co. has terminated a SAR 28.5 million contract signed in December 2015 to supply fresh milk to a local company, after the customer stopped purchasing orders for more than six consecutive months.

In a statement to the Saudi bourse (Tadawul) on Wednesday, Ash-Sharqiyah said it made several attempts to contact the client but received no response to date.

The contract’s termination will have no negative impact on the company’s financials, the statement said.