KEIR granted SAR 5M compensation ruling

Logo of Keir International Co. 

KEIR International Co. will receive compensation of SAR 5 million from Quadratics Development LLC after a final court ruling was issued.

In a statement to Tadawul, the company said that the legal action was taken after Quadratics Development unilaterally terminated a business agreement signed in August 2022.

The Riyadh Commercial Court ruled that KEIR International was entitled to the contractual compensation stipulated in the agreement.

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There is no negative financial impact, the company said, adding it will continue to follow up on the enforcement of the court ruling with the competent authorities.

The termination of the agreement will not affect the company's operations in the construction and building sector.

KEIR International continues to execute its projects in line with its approved strategic plans.

The company is exploring business expansion, driven by its vast experience and specialized professional capabilities.