SIDC to receive SAR 15 mln from Juhaina by final court order

26/07/2018 Argaam

Saudi Industrial Development Company (SIDC) on Wednesday received a final court ruling in its favor from Jeddah’s commercial court, in the lawsuit filed against its former partner, Juhaina Trading, Industry and Contracting Co. 

 

The claim was filed to prove Juhaina’s sale of its full stake in Arab Spring & Foam Mattresses Manufacturing Co. Ltd (Sleep High – Egypt) to SIDC, the company said in a bourse statement on Thursday.

 

Juhaina was ordered by the court to pay SIDC total dues of SAR 15.19 million.

 

SIDC added that it expects the related financial impact to positively reflect on its figures in Q3 2018.

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