MESC says court issues final ruling, orders major client to pay dues in installments by March-end 2021

14/10/2020 Argaam

Middle East Specialized Cables Co.(MESC) said Riyadh Commercial Court issued, today, Oct. 14, a final ruling, ordering Al Mousa Foundation, a major client, to pay the dues it owes to MESC in monthly installments until the end of March 2021, according to a bourse filing.

 

Al Mousa was ordered to make these payments on the specified dates, MESC said in a bourse statement, adding that sufficient payment guarantees were also provided.

 

MESC expects the court decision to have a positive impact on its operations, adding that it is looking forward to maintaining business ties with Al Mousa Foundation.

 

In July, MESC filed a lawsuit against Al Mousa Foundation before Riyadh Commercial Court, seeking payment of SAR 63.9 million for the supply of various kinds of cables, Argaam reported.

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