Riyadh – Mubasher: The Saudi Paper Manufacturing Company said its lawyer in Morocco received a court order issued from Marrakech Commercial Court mandating the attachment of new real estate property in guarantee of MAD 38 million ($4.13 million).

This brings the total value of properties attached by the commercial court to MAD 48 million ($5.2 million), as the court had previously ordered an attachment worth MAD 10 million ($1.1 million), according to a stock exchange statement on Wednesday.

The Tadawul-listed firm noted the total value of the two attachments exceeds the factory value stipulated in the sale agreement of which the buyer did not abide by its provisions and disclaimed its obligations.

It further expected the court order to have a positive impact on its financial statements upon completion of receipt procedures of the subsidiary and the factory.