Red Sea says to receive dues from Papua New Guinea soon

Saudi Arabia’s Red Sea International Co. said the Papua New Guinea government has confirmed it will settle the overdue payments-- amounting to SAR 38.69 million--in the near future.

The delayed payments would have no financial impact on earnings of Q1 2017, the real estate developer said in a statement to Saudi bourse, Tadawul.

The outstanding receivables are not considered material, according to the Capital Market Authority rules and therefore “the company did not deem it necessary to make a prior announcement,” Red Sea said in the statement.  

Argaam reported on Sunday that police officers and their families in Papua New Guinea have refused to evacuate houses constructed for them by Saudi Arabia’s Red Sea International, asking the firm to settle the ongoing dispute with the government.