Mubasher: Saudi Automotive Services Company (SASCO) announced the termination of the portfolio management agreement with NCB Capital, according to a bourse filing.

According to the company, the reason for this decision, it that after periodic review of all portfolios owned by the company, the board of directors seeks to limit the company’s portfolios under two portfolio managers instead of three, and reduce the cost of portfolio management.

The last day of managing portfolio by NCB Capital was 29 September.

Therefore, the company will continue to manage their owned portfolios by the two agreements signed before with Fransi Capital and Mulkia Investment Company.

The portfolio which was under NCB Capital will be managed by Mulkia Investment starting from 2 October.