Abdullah A. M. Al-Khodari Sons Co. Announcess Canceling the completion of Najran Sharura Wadia road (25 Km) in Najran contract
|Announcement Detail||With reference to the earlier announcement of 28/6/2015 concerning the wining of Completion of Najran/ Sharura/ Wadia (25 Km) contract in 24 months valued at SAR 92,400,000, and the earlier announcement of 21/9/2015 concerning signing the project's contract with the Ministry of Transport, Abdullah A. M. Al-Khodari Sons Company announces the cancellation of the mentioned project's contract based on Company's request. The Cancellation approval letter was received by the Company on 17 March 2019. |
The reason for the company's request to cancel the contract is the expected loss as well as the costs associated with the resources necessary to continue the implementation of the project after the end of the project's suspension period that has been commenced from 16/11/2016 as instructed by the Ministry of Transport. 55% of the total value of works has been billed.
Financial impact: The costs and financial charges arising out of the cancellation are SAR 33.8 million approximately.
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