Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) received a letter, on 3 October 2019, from the Saudi Ministry of Defense approving to extend the contract for the transportation and shipment services of the ministry’s equipment.
The contract will be extended for one year starting 10 September 2019 to 9 September 2020, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.
The total value of the contract will increase by 10% to become SAR 421.668 million after extending the deal. The original contract carried a tenor of five years from 10 September 2014 to 11 September 2019, at a total value of SAR 383 million.
Bahri further noted that the new financial impact will be seen during the contract’s extension period.
