Al Yamamah Steel Industries Co. said that a supply contract with Saudi Services for Electro Mechanic Works Co. (SSEM), a related party, has been canceled.
The contract for the supply of electric towers worth SAR 70.11 million, was cancelled by Saudi Electricity Co. (SEC) as no supply has been provided, the contractor notified Al Yamamah Steel on Oct. 22.
The financial impact of the cancelation will be reflected during fiscal year 2018, the company said in a bourse statement.
SSEM is owned by Al Yamamah Steel shareholder Rashid Abdulrahman Al-Rashid and Sons.
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