Abdullah Abdul Mohsen Al-Khodari Sons Company announced the withdrawal of 10 different projects previously awarded to the company, and their withdrawal was not disclosed at the time.
According to Arabiya Net, the company said in a statement that the projects were withdrawn during the period from 4 Ramadan 1438 AH to 18 Jumada I 1441 AH, during the period of the Board of Directors and the Executive Management The previous draft was not disclosed, according to the disclosure policy at the time.
On the financial impact of withdrawing these projects, Al-Khudari added that the initial losses resulting from the withdrawal of these projects amounted to about 260 million riyals, and work is still underway to verify the actual losses. The result of withdrawing those projects.
She explained that the projects were awarded in advance between the period from Muharram 16, 1432 AH, to Ramadan 14, 1434 AH, with a total value of those contracts about 994.05 million riyals, for the benefit of the Ministries of Education and Affairs Municipal and Rural, Ministry of Environment, Water and Agriculture, in addition to the Ministry of Health.
Al-Khodari indicated that according to the principle of transparency required by the regulations of the Capital Market Authority, and after reviewing the current executive management of the company's projects in general, it became clear to it, after examination and audit, that the number 10 was withdrawn. Governmental projects, in various stages of implementation.
and the company’s management assured that it will take the necessary measures against the perpetrator of non-disclosure and announce the withdrawal of these projects and take the necessary measures to protect the rights of the company and its shareholders.
