Service Equipment signs SAR 3.05M framework agreement with CEER

Service Equipment secures 3-year framework deal to provide hand tool kits to PIF unit

Service Equipment Co. said it signed on Feb. 15 a three-year framework agreement with CEER National Automotive Co., a subsidiary of the Public Investment Fund (PIF), to supply hand tool kits to CEER’s maintenance centers.

Under the agreement, the total value will depend on purchase orders issued, with a ceiling of SAR 3.05 million, excluding VAT, the company said in a statement to Tadawul.

Service Equipment said the deal is intended to establish a framework of understanding regarding the initial mutual rights and obligations between the two parties. It also supports the company's expansion strategy and strengthens its presence in the Saudi market.

The financial impact will be reflected over the agreement period based on the volume of assigned work and purchase orders.

The company added that there are no related parties to the agreement.