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SAPTCO sells 350 old buses for SAR 32m

SAPTCO sells 350 old buses for SAR 32m
Deal will not impact SAPTCO’s operations as buses are surplus to needs
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Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) announced that it has signed a contract to sell 350 surplus used buses for their book value.

A price of SAR 32 million ($8.53 million) will be paid by the Saudi Emirates Integrated Transport Limited Company (Citco), of which SAPTCO owns 50%, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The deal will have no impact on SAPTCO’s operations, but it will use the proceeds to finance its working capital.

SAPTCO reported in October a marginal decline in net profits to SAR 95 million during the third quarter (Q3) of 2019.