SAPTCO signs SAR 73 mln public transport deal with govt

Saudi Public Transport Co. (SAPTCO) has signed a SAR 73 million contract with Riyadh city's development commission, thereby it will take part in the operation of the recently launched public transport service.

The government launched this week a public bus transport service in Riyadh and Jeddah, with aim to raise service standards and safety. The service will partly replace an incumbent, erratic private system.

The financial impact of the agreement is expected as of the end of this quarter, SAPTCO said in a stock market filing.

No related parties are involved in the deal.