Al-Khodari terminates SAR 92 mln contract with Saudi transport ministry

18/03/2019 Argaam

 

Abdullah A. M. Al-Khodari Sons Co. has terminated its SAR 92.4 million contract with the Saudi Ministry of Transport, the company said in a bourse filing.

 

The relevant costs and liabilities are expected to reach around SAR 33.8 million.

 

The contract termination, which came upon Al-Khodari’s request, was driven by expected losses in addition to the expenses pertaining to the project’s completion.

 

A 55 percent of the project’s total value was billed, the statement added.

 

In September 2015, the company announced signing a SAR 92.4 million worth of contract with the Ministry of Transport to undertake Najran- Sharura - Wadia road project, according to earlier news reports.

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