Logo of SAPTCO
Saudi Public Transport Co. (SAPTCO) said it received a letter today, June 30, from its 80%-owned subsidiary, General Transportation Co., stating that the Royal Commission in Riyadh has set Sept. 1, 2021, for the commencement of actual operation of the King Abdulaziz public transportation project network.
The company said in a bourse filing that it is difficult currently to determine the costs associated with this event, as coordination between relevant parties towards studying necessary work plans is being conducted, which will be announced subsequently.
In December, 2020, SAPTCO said it received a letter from its 80%-owned subsidiary, General Transportation Co., stating that the Royal Commission in Riyadh has set Q2 2021 for the commencement of actual operation of the King Abdulaziz public transportation project network, Argaam earlier reported.
SAPTCO signed, in late 2014, a contract with France-based RATP Dev Company to establish the Public Transportation Co. with a capital of SAR 10 million to operate its Riyadh Buses project.
In 2014, SAPTCO and RATP Dev signed a SAR 7.86 billion contract with the High Commission for the Development of Arriyadh for the King Abdulaziz public transportation project. The contract stated that SAPTCO and RATP Dec should provide about 1,000 high-specification buses for a period of 10 years after a preparation period of 24 months.
Comments
{{DisplayName}}
{{ElapsedTime}}