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Scientific & Medical Equipment House Co. announcement of a preliminary judgement in favor of Ruaa Al Himayah Co. (a Subsidiary Company) in the case filed by Ruaa Al Himayah Co. against National Unified Procurement (NUPCO).
| Element List | Explanation |
|---|---|
| Introduction | Scientific & Medical Equipment House Co announces a trial judgement from the 13th Chamber of the Commercial Court of Riyadh in favor of Ruaa Al Himayah Co. (a Subsidiary Company) in the case filed by Ruaa Al Himayah Co. against National Unified Procurement (NUPCO) on Sunday 26 Muharram 1445 AH corresponding to 13 August 2023 and the judge as follows: First: Obligation of the defendant to pay SAR (60,568,458.65) in favor of Ruaa Al Himayah Co. (a Subsidiary Company). Second: Obligation of the defendant to pay SAR (135.000) in favor of Ruaa Al Himayah Co. (a Subsidiary Company) against expert fees. Third: Obligation of the defendant to pay SAR (500,000) against litigation fees and attorney's fees. The judgement is a trial verdict that is subject to appeal by the parties within a period of (30) days from the date of receipt of the judgement in writing during a period of (10) days from the date of issuance of judgement. |
| Lawsuit Opponent | National Unified Procurement (NUPCO). |
| Name of the Plaintiff | Ruaa Al Himayah Co. (subsidiary owned by 100% for Dar Scientific and medical company). |
| Type of the Lawsuit | Commercial case |
| Name and Location of the Competent Judicial Authority | Riyadh Commercial Court |
| Date of Submitting the Lawsuit | 2021-04-05 Corresponding to 1442-08-23 |
| Summery of the Lawsuit and its Reasons | On 23-8-1442 AH, Ruaa Al Himayah Co. (a Subsidiary Company) filed a lawsuit in the Riyadh Commercial Court against the National Unified Procurement Company (NUPCO), after the latter cancelled its credit issued by it for Roaa Protection Company, which brought the quantity of fully contracted equipment. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | It is expected that revenues from the agencies after being supplied to NUPCO will be recognized upon execution of the judgment and will have a positive impact on the income statement of the profit margin of this credit if this judgment is final, and any substantive developments in this matter will be disclosed. |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | The issued judgment is a preliminary judgment subject to appeal. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | Not Applicable |
The Capital Market Authority and Saudi 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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Company Performance
Key Parameters
Last Price 50.9
Net Change 1.2 (+2.41%)
Value Traded (Sar) 10,601,090.35
Volume Traded 210,950
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