Amiantit’s subsidiary faces legal claims on Iraq project

Saudi Arabian Amiantit’s said its 80-percent owned, Germany-based subsidiary PWT Wasser-und Abwassertechnik GmbH faces legal claims on its Al-Samawa Unified Water Treatment Plant in Iraq.

PWT is confident court decision will be favorable and the project will resume in a few weeks, Amiantit said in a filing on Tadawul today.

The company expected no impairment loss against its total investment (receivables and work-in-process) in the project (approx. SAR 79.5 million).

But it said it reversed the project’s accumulated profit to-date (SAR 7.5 million of which Amiantit’s share is SAR 6 million) in the second quarter 2014.