SIDC says court approves Juhaina’s request for final ruling explanation

Saudi Industrial Development Company (SIDC) said Jeddah’s court has accepted a request for interpretation of the final ruling issued previously against the company’s partners, Juhaina Trading, Industry and Contracting Co. and Abbas bin Ahmed bin Abdel Jawwad.

The court, however, has rejected a request for payment of the adjudged sum in Saudi riyal, SIDC added in a bourse filing on Sunday.

The preliminary ruling is unlikely to have a financial impact on SIDC.

Receivables will be immediately recognized in Q3 2018 results, with the related financial impact expected to show later on after finalizing the dues collection, the statement added.

In July, SIDC received a final court ruling in its favor from Jeddah’s commercial court, in the lawsuit filed against Juhaina Trading and Abbas Abdel Jawwad, Argaam reported.

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