Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) on Thursday announced signing a memorandum of understanding (MoU) with Alshalan Sons Company (Shalasco) to export the latter’s products outside Saudi Arabia.
The deal signed Wednesday also entails that SIEC will represent Shalasco to clients outside the kingdom, SIEC said in a statement to the Saudi Stock Exchange (Tadawul).
The three-year MoU is effective starting the signing date, the company added.
SIEC last reported a 2,782% surge in losses to SAR 13.2 million in the second quarter of 2017 compared to SAR 46,000 in Q2-16.
SIEC’s stock closed Wednesday down 0.76% to SAR 31.24.
