SAPTCO, NEX Continental Holdings ink MoU to enhance competition in Saudi intercity transport projects

11/01/2023 Argaam
Logo ofSAPTCO

Logo of SAPTCO

Saudi Public Transport Co. (SAPTCO) signed today, Jan. 11, a memorandum of understanding (MoU) with NEX Continental Holdings Co. to cooperate on enhancing competitive opportunities in the Kingdom’s intercity transportation projects.

 

The agreement has a term of two years and could be renewed, the company said in a statement on Tadawul.

 

SAPTCO’s percentage will be 85%, while NEX Continental Holdings gets the remainder, the statement added.

 

The Saudi-listed firm noted that there is no financial impact from this agreement and no related parties are included in the deal.

 

Any significant update will be announced in due course.

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