Mubasher: Al Yamamah Steel Industries Co has signed a contract with the Saudi Services for Electro Mechanic Works (SSEM) for a total of SAR 59.57 million.

The contract was signed to supply electricity towers, according to a bourse statement on Wednesday.

The supply will commence in early May, and will last for ten months that can be renewed.

The financial impact of this supply contract will be registered starting from May 2018.

Al Yamamah Steel noted that this contract will be presented in the coming ordinary general meeting (OGM) which will be held in March to be approved.

At the stock level, Al Yamamah Steel closed Wednesday’s session 6.1% lower at SAR 23.03.