SIDC subsidiary inks contract with EMDAD Logistic for handling, storage of products

Logo of Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co. (SIDC) said that its subsidiary, Sleep High, signed a contract with EMDAD Logistic Services, one of its subsidiaries, for an expected annual value of SAR 12.7 million.

The contract includes the transfer, handling, and storage of Sleep High products according to the number of trips executed, the quantity of products and leased storage spaces, according to a bourse statement.

The deal has a tenor of three years starting July 1, 2022, with the financial impact expected to be realized starting from Q3 2022 in accordance with the volume of operational transactions between the contracting companies.

SIDC also added that the transaction includes related parties such as EMDAD Logistic Services, which is 50% indirectly owned by some members of the board of directors, namely, Ahmed AlKanhal and Ibrahim Al-Homaidhi.

The contract has been concluded based on the licensing of the ordinary general assembly held on June 16, 2022, the statement added.