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Abdullah A. M. Al-Khodari Sons Co. Announcess Canceling the completion of Najran Sharura Wadia road (25 Km) in Najran contract

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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.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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