MESC collects all dues from major client, to maintain business ties

18/04/2021 Argaam

Middle East Specialized Cables Co. (MESC) collected all dues from Al Mousa Foundation, a major client, as per the agreed schedule, the company said in a bourse filing today, April 18, 2021.

 

Accordingly, the lawsuit filed against Al Mousa Foundation is terminated.

 

MESC agreed to continue the business relationship with the client in a way that guarantees the rights of both parties, which would have a positive impact on the company.

 

In October 2020, the Riyadh Commercial Court issued a final ruling, ordering Al Mousa Foundation to pay the dues owed to MESC in monthly installments until the end of March 2021.

 

In July 2020, MESC filed a lawsuit against Al Mousa Foundation before Riyadh Commercial Court, seeking payment of SAR 63.9 million for the supply of various kinds of cables, Argaam reported.

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