Umm Al Qura reaches final settlement with Sinoma International

13/11/2017 Argaam

Umm Al Qura Cement Co. on Sunday reached a final settlement over the construction contract of its cement factory with Sinoma International Co., the main contractor.

 

The cement producer will take delivery of the entire plant from Simona International and terminate the contract, receiving a 3.5 percent discount for delay in delivery, the company said in a bourse statement.

 

The value of the contract is SAR 28 million.

 

Financial impact of the discount will reflect on Umm Al Qura’s Q4 2017 results, the statement added.

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