Saudi Parts, Mabic sign SAR 7M contract

06/12/2023 Argaam

Saudi Parts, Mabic sign SAR 7M contract

Logo of Saudi Parts Center Co. (SPC)

Saudi Parts Center Co. signed a contract with Mabic Construction Est. worth SAR 7 million, excluding VAT, to initiate construction activities for the establishment of a factory in the Industrial Gate City in Riyadh. 

  

In a statement to Tadawul today, Dec. 6, the company said the contract runs for 10 months from the signing date or the down payment settlement, whichever comes first.  

 

The company anticipates completing the scope of work outlined in the contract during the fourth quarter of 2024. 

 

During the construction period, the project-related costs are expected to impact on monthly cash flows. 

 

There are no related parties to the contract, the statement added, noting that any future related developments will be announced in due course. 

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