The company clarified in a statement to the Saudi market today, Wednesday, that the insurance coverage begins on May 1 for the period of one calendar year.
Seiko expected that the annual premiums for this contract will exceed 5% of the company's revenue, indicating that there are no related parties.
According to the statement, it is expected that the financial impact of this contract will appear on the company's financial performance for the year 2019, starting from the second quarter.
The company indicated that the value and financial impact cannot be determined precisely due to the difference in the value of the monthly insurance requests received by the customer.
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