Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons (Al Khodari) announced the termination of project contract previously signed for linking Asfan with the axis road in the Saudi Al Jouf region.

The termination is due to the cancellation of the project from the budget of the Saudi ministry of transport, according to a bourse statement on Tuesday.

Al Khodari received the termination letter on 8 October 2019 from the ministry.

Meanwhile, the Tadawul-listed company said that 2% of the total project value was registered in bills.

The company will realise losses worth SAR 36.8 million as a financial impact of the contract termination.

In 2015, Al Khodari won the 24-month road project at a value of SAR 54.885 million, while the contract was signed on 12 August 2015 with the ministry.