SABB Takaful Co. has reached a settlement agreement worth SAR 9.25 million with INMAIA Real Estate & Tourism as compensation for damages to its Central Park Building in Jeddah, the company said in a statement to Tadawul.
Accordingly, SABB will be cleared irrevocably. Following this settlement, the share of reinsurance firms will be SAR 9.16 million, and SABB Takaful will pay only SAR 86,050.
In 2012, INMAIA had taken legal action against the insurance firm claiming SAR 65.9 million as compensation.
INMAIA Real Estate & Tourism is a private equity property development and investment company based in Riyadh.
Comments
{{DisplayName}}
{{ElapsedTime}}