Savola’s subsidiary USC reaches SAR 548 mln settlement in Jeddah fire claims

18/10/2015 Argaam

Savola Group’s subsidiary, United Sugar Co. (USC), has reached a SAR 548 million settlement with Al Alamiya for Cooperative Insurance Co. (Al Alamiya) in claims related to fire damage and losses to USC’s raw sugar warehouse in Jeddah in 2013, the company said in a statement to Tadawul.

 

The settlement will have a net positive impact of approximately SAR 94 million on Savola’s income statement for the fourth quarter of 2015.

 

The company said the insurance company had continued making payments on account to USC to facilitate the rebuilding of damaged facilities and these payments will be offset against the final settlement.

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