Saudi Public Transport Co.’s (SAPTCO) shareholders approved, on Nov. 15, the results of negotiations with the committee formed to handle the company’s asset position and delegated the board chairman to sign the agreement, the company said in a bourse filing.
Shareholders also approved the appointment of board member, Turki Al Mubarak, as an audit committee member until Dec. 31, 2021, expanding the number of members from four to five.
The committee negotiations stipulated that SAPTCO, together with the Transport General Authority, will undertake coordination between the state-owned entities which own the land plots, and the facilities rented by SAPTCO to provide public intercity transport services, Argaam reported.
The company will also continue to utilize the two land plots in Makkah and Madinah, on which workshops and parking lots are set up, in addition to a 226,510 square meters area on Al Jubail Road as business activities are undertaken for a period of five years starting from the contract date.
The contract will be renewed for a year from Feb. 13, 2021, to allow the service to continue during the transition period, the statement added.
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