Al-Sorayai receives SAR 11.4 million initial cover for plants fire

04/06/2014 Argaam

Al-Sorayai Trading and Industrial Group received yesterday SAR 11.4 million, the first installment of insurance cover for its plants’ fire incident.

The first installment covers the raw material damage at two major carpet producing plants owned by Al-Sorayai. Total compensation approved by insurers is SAR 20.5 million, the company said in a filing on Tadawul.

The financial impact of the paid installment will appear in the second quarter.

The company received in April 2014 the approval of insurers to cover the loss of raw material and rebuild the two plants damaged and the fire incident of May 2013.

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