Arab News, Tuesday, Dec 29, 2020 | Jamadi Al Awwal 14, 1442
Al-Khodari says 10 projects valued at $265m withdrawn
Saudi Arabia: 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The projects were withdrawn between June 2017 and January 2020, during the term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.