Al-Khodari says 10 projects valued at $265m withdrawn

Mon, 2020-12-28 19:02

RIYADH: Abdullah A. M. Al-Khodari Sons Co. announced on Dec. 28, 2020, the withdrawal of 10 government projects at various execution phases, which were awarded to the company between December 2010 and July 2013, at an aggregate value of SR994.047 million ($265.08 million), according to a bourse filing.

These projects are owned by the ministries of education, municipal and rural affairs, environment, and health, the company noted.

The projects were withdrawn between June 2017 and January 2020, during the term of the previous board of directors and executive management. They were not disclosed in accordance with the disclosure policy at the time.

Losses from the withdrawal are estimated at SR260 million, the company said, adding that it is assessing the actual losses.

The company will take necessary actions against those responsible for failure to disclose the withdrawal of projects.

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Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (Reuters/File Photo)
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