SIDC's Sleep High extends transport deal with affiliate

31/12/2017 Argaam

 

Saudi Industrial Development Company’s (SIDC) wholly-owned subsidiary Global Marketing Co. for Sleeping System Ltd (Sleep High) on Thursday renewed a product transport deal with its affiliate Emdad Logistics Co. 

 

The transport deal, which will come into effect from Jan. 1, 2018 to July 5, 2018, has an estimated value of SAR 6.8 million, based on actual transport trips.

 

The financial impact of the deal extension is expected to show during the new contract tenor.

 

Emdad is a related party, in which board directors Ahmed Al-Kanhal and Ibrahim Al-Humaidi own indirect stakes, SIDC said in a statement to Tadawul.

 

The original contract, which was signed by both companies from Jan. 1, 2017 until Dec. 27, 2017, was valued at SAR 12.1 million.

 

The contract renewal was approved by SIDC's general assembly held on July 16, 2017, the statement added.

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