SAPTCO signs 10-year intercity concession to transport passengers in Southern Region

A SAPTCO bus

Saudi Public Transport Co. (SAPTCO) said that the SAPTCO-NEX Continental Holdings consortium won the intercity bus transport concession in the Southern Region. The contract was signed today, Feb. 15, with the Transport General Authority (TGA).

In a statement to Tadawul, SAPTCO added that the contract is valid for 10 years, starting from the launch of operations that will be during Q4 2023.

The joint venture is 85% owned by SAPTCO, and 15% by NEX Continental.

SAPTCO expected a positive financial impact starting Q4 2023.

On Nov. 29, 2022, the transportation services provider said the extension of its concession contract, from Feb. 3, 2022 to Dec. 31, 2023, or until operation starts in all regions under new contracts, whichever is earlier, was approved, Argaam reported.

Trading on SAPTCO was halted today by the Saudi Exchange (Tadawul) for one business day upon the company’s request to announce a material event. Trading will resume tomorrow, Feb. 16.