SIDC says court rejects Juhaina’s petition against final judgment

Logo of Saudi Industrial Development Co.

Saudi Industrial Development Company (SIDC) received an affidavit from its lawyer on April 27, 2021, noting that the petition submitted by the defendant, Juhaina Trading, Industry and Contracting Co., was rejected in the final judgment issued in Case 2798 of 1434 AH, the firm said in a statement to Tadawul.

No financial impact is expected, as collected funds should have been included immediately in the company’s financial statements, SIDC added, noting that no funds have been collected year to date.

Any substantial developments will be announced later.

In July 2018, SIDC received a final court ruling in its favor from Jeddah’s commercial court, in the lawsuit filed against its former partner, Juhaina, according to data available with Argaam.

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

In March 2019, SIDC received a judicial notification to attend the case hearing against Juhaina at Jeddah’s commercial court.

In 2011, a court ruling was issued noting that Juhaina sold its full stake in Global Marketing Co. for Sleeping System Ltd. (Sleep High-Saudi) and other companies in Egypt to SIDC.