Reference is made to the announcement by the Scientific & Medical Equipment House Company dated 02-04-1445 (corresponding to) 17-10-2023 regarding the issuance and receipt of the Appeal Court Ruling No. (4530302736) dated 01-04-1445, duly certified and endorsed with an enforceable format by the Fourth Circuit of the Commercial Court of Appeal in Riyadh. The court issued a final judgment obligating the National Unified Procurement Company for Medical Supplies (NUPCO) to pay Roaa Al Himayah Company (a subsidiary) the following amounts:
1- SAR 60,568,458.65 (Sixty Million Five Hundred Sixty-Eight Thousand Four Hundred Fifty-Eight Riyals and Sixty-Five Halalas).
2- SAR 135,000 (One Hundred Thirty-Five Thousand Riyals) as expert fees for this case.
3- SAR 500,000 (Five Hundred Thousand Riyals) as attorney fees.
The judgment was submitted to the Enforcement Court for implementation.
The company hereby announces to its shareholders that the final ruling has been overturned by the Supreme Court. The case has been referred to another appellate circuit to review NUPCO's objection to the initial ruling issued by the Thirteenth Circuit of the Riyadh Commercial Court dated 26-01-1445 (corresponding to) 13-08-2023.
Previous Announcement
Scientific and Medical Equipment House Co. Announces an update on Scientific and Medical Equipment House Co. announces the latest developments regarding the company's announcement of the issuance of an initial judicial ruling in favor of Ruaa Al-Himaya Company (a subsidiary) in the lawsuit filed by Ruaa Al-Himaya against National Unified Procurement Company (NUPCO).
Date of Previous Announcement on Saudi Exchange’s Website
2023-10-17 Corresponding to 1445-04-02
Hyperlink to the Previous Announcement on the Saudi Exchange Website
Click Here
Latest Developments Of The Announced Event
The final enforceable appeal judgment has been overturned. The case has been referred, based on the initial ruling issued by the Thirteenth Circuit of the Riyadh Commercial Court, to another appellate circuit to review NUPCO's objection and reevaluate the case details. The next appeal hearing is scheduled for Wednesday, 03-06-1446 (corresponding to) 04-12-2024.
Reasons For The Delay on The Date of The Event Previously Announced The company is following up on developments in this regard and announcing any material development as soon as possible.
The costs associated with the event, and if they have changed or not with indication of the reasons.
There are no changes to the costs associated with the event. Currently, there are no costs linked to the event during this period.
Delay consequences on the Company’s financial results
Not applicable.
