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.
Second party to the Case
National Unified Procurement (NUPCO).
Identifying who filed the lawsuit
Ruaa Al Himayah Co. (subsidiary owned by 100% for Dar Scientific and medical company).
Type of judicial claim
Commercial case
Place and Name of the competent judicial authority
Riyadh Commercial Court
Date of Submitting the Lawsuit
2021-04-05 Corresponding to 1442-08-23
Overview of the case and the reasons for its filing
On 15-4-2020, 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 claimed amount and any other charges or burdens
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 material legal, regulatory, or operational consequences or risks that may arise from the action, indicating the impact of such implications on the company's financial, legal, or operational situation
The issued judgment is a preliminary judgment subject to appeal.
Actions taken by the company, including the assessment of liability that may be incurred as a result of the lawsuit
Not Applicable
