SAPTCO inks deal to sell 350 buses for SAR 32 mln

05/12/2019 Argaam

 

Saudi Public Transport Co. (SAPTCO) signed on Dec. 4 a deal to sell 350 second-hand Rosa-Model buses at book value to Saudi Emirates Integrated Transport Co. (SEITCO) at a total value of SAR 32 million.

 

The sale proceeds will be used to finance SAPTCO’s working capital, the transport services provider said in a statement to Tadawul.

 

The deal comes as part of the company’s operations and will be approved in the next general assembly meeting.

 

No conditions were set for the deal, and no financial statements were available for the asset over the last three years, SAPTCO said, expecting no financial impact from the sale on its figures.

 

SAPTCO owns 50% of SEITCO.

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