The Saudi Public Transport Co. (SAPTCO) announced it received a letter on Dec. 31 from its 80% subsidiary, General Transportation Co., informing that the Royal Commission in Riyadh has set Q2 2020 for beginning the actual operation of the King Abdulaziz public transportation project network.
The company, in a bourse filing, said it is difficult to determine the financial impact currently, affirming that coordination is taking place between the relevant parties to identify the costs, which will be disclosed in a timely manner.
According to data compiled by Argaam, SAPTCO inked a contract in 2014 with France-based RATP Dev Company to establish Public Transportation Co. with a capital of SAR 10 million to operate its Riyadh Buses project, as SAPTCO held an 80% stake while RATP Dev held the remaining 20%.
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