Sidc’s lawsuit referred to competent court

07/03/2012 Tadawul

The Saudi Industrial Development Company (SIDC) announces that— regarding the lawsuit filed by the former partner at Sleep High in Saudi Arabia and Egypt, requesting the cancellation of the sale of its full stake to Sidc despite that a final court ruling was issued on 19/11/1429 H— the court of appeal decided to refer the lawsuit to competent court.

Sidc filed a reply to the claims on the session of March 7, 2012. The session was postponed to March 14, 2012.

Material developments will be announced in due course.

The company has finalized the offloading and transfer of former partner’s stake to Sidc. Procedures are being taken to offload and transfer the stake in Egypt.
 

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