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On October 29, Arab Centers Company (Sinomi Centers) signed a contract with Links Contracting Company worth $220 million (SR 825 million), not including value-added tax, to design and implement the commercial center and offices within the Downtown Medina project of Downtown Saudi Arabia, one of the Public Investment Fund companies.
The company said in a statement on "Tadawul Saudi" on Sunday that the scope of the contract includes the design and construction of components of the commercial center and offices, including engineering, construction, supply, installation, testing, operation and delivery, in accordance with the agreed contractual terms.
The contract is 30 months in length, and its financial impact is expected to be reflected in the company’s results during the project implementation period.
Sinomi Centres pointed out that the contract is a transaction with a related party, due to the direct interests of Chairman Fawaz Al-Hukair and Vice Chairman of the Board of Directors Eng. Salman Al-Hukair in "Links Contracting Company", and an indirect interest of the Managing Director Eng. "Kamel Al-Qalam" in the transaction.
The company confirmed that the contract was concluded within the context of the normal business and in accordance with commercial conditions prevailing in the market and without preferential treatment, explaining that the members of the Board of Directors stakeholders did not participate in the deliberations or vote on the relevant resolution, and will abstain from voting when the treatment is presented to the General Assembly to obtain the required regulatory approval.
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