Dur gains SAR 7 mln from settlement with financial institution

18/10/2023 Argaam
Logo ofDur Hospitality Co.

Logo of Dur Hospitality Co.

Dur Hospitality Co. reported a SAR 7 million positive financial impact from a settlement agreement signed with a financial institution on the company's financials.

 

The company added in a statement on Tadawul that the financial impact had not been previously announced as it was not final due to other costs related to this settlement.  

  

This impact will appear in Dur’s Q3 2023 financials.  

  

Dur’s Chairman Bader Abdullah Al Issa is a related party, as he serves on the board of the financial institution. 

 

According to data compiled by Argaam, Dur  signed a settlement agreement with a financial institution to amicably resolve their dispute. Dur earlier filed a lawsuit against this institution to invalidate contracts on securities. 

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