Riyadh – Mubasher: Red Sea Housing Services Company has said that its outstanding receivables for the Papua New Guinea project amount to SAR 38.69 million ($10.3 million).
The company has received assurance form the local government in Papua New Guinea that all outstanding receivables will be settled in the near future, according to a bourse filing on Monday.
Red Sea noted that the delay in the receivables will not have a financial impact on the results of the first quarter of 2017.
The company’s statement came after news had circulated about the notification period given by Red Sea to police officers and their families to vacate the housing units that were constructed by Red Sea during 2015 in Papua New Guinea,
As per the Capital Market Authority’s (CMA) rules, the outstanding receivables balance is not considered material, therefore, the company did not see it necessary to make a prior announcement.
