SIECO receives bad debt settlement of SAR 20 mln from previous clients in Ethiopia

10/03/2022 Argaam
Logo ofSaudi Industrial Export Co.

Logo of Saudi Industrial Export Co.

Saudi Industrial Export Co. (SIECO) received, on March 9, a final report from its external lawyer regarding the status of negotiations on the settlements of bad debts with Awad Mohammed Alamin General Trading Co., Al Buruj General Trading PLC and NORC Agro & Industrial Complex PLC continuing for more than eight years.

 

The settlement amount is SAR 20.01 million ($5.34 million), which will reflect in the financials, the company said in a bourse statement.

 

No related parties are part of the transaction, the statement added.

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