SAPTCO shareholders to vote on recommendations of committee handling asset treatment on Nov. 15

Saudi Public Transport Services Co.’s (SAPTCO) shareholders are set to vote on the results of negotiations with the committee formed to handle the company’s asset position and delegate the board chairman to sign this agreement, during the ordinary general assembly meeting scheduled for Nov. 15, 2020. 

The negotiations with the committee recommended that the Transport General Authority and the company should coordinate between the government entities that own land and the facilities rented by SAPTCO to provide public intercity transport services, the company said in a bourse statement. 

The company will also continue to utilize the two land plots in Makkah and Madinah, on which workshops and parking lots are set up, in addition to a 226,510 square meter area on Al Jubail Road as business activities are undertaken for a period of five years starting from the contract date. 

The contract will be renewed for a year from Feb. 13, 2021 to allow the service to continue during the transition period, the statement added.