City Cement reaches settlement agreement with Sinoma International
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City Cement Co. has reached a settlement agreement with Sinoma International Co. on the second production line project, the company said in a bourse filing today.
The Saudi cement producer imposed on Sinoma International a delay interest of 8 percent of the contract’s total value, or a sum of SAR 43 million.
The relevant financial impact will appear on earnings of Q4 2018, the statement added.
City Cement signed in June 2012 a contract with Sinoma International Company to build a second production line with a capacity of 1.9 million tons of clinker per annum at a total cost of SAR 970.63 million.