Zamil Industrial Investment Company Announces Recent Developments Relating to the fire incident in one of Its Subsidiaries’ factories in Dammam First Industrial City
Referring to the company's announcement on Tadawul dated 05/03/2023, regarding the fire incident of one of its subsidiaries’ factories (Zamil Air Conditioners and Home Appliances Company). The company announces it has on Wednesday, December 27, 2023, reached a full and final settlement with Gulf Insurance Group “GIG”regarding the entire damage and losses to the factory caused by the fire incident on March 03, 2023. The final settlement amount was SAR 187 million and should have a positive impact during Q4 of 2023.
Previous Announcement
Zamil Industrial Investment Company Announces a Fire Incident in One of Its Subsidiaries’ factories in Dammam First Industrial City
Date of Previous Announcement on Tadawul's Website
2023-03-05 Corresponding to 1444-08-13
Percentage of fulfilled achievement
100%
Event's Expected Completion Date
N/A
Reasons for Exceeding the Announced End Date
N/A
The costs associated with the event, and if they have changed or not with indication of the reasons.
N/A
Impact of the Delay on the Company's Financial Results
The company does not expect that this incident will result in a material negative financial impact on the results.
Additional Information
The company would like to emphasize that the turnaround period to conclude the settlement was outstanding, considering the factory size and the damage it sustained. The company would also like to extend its appreciation to all the parties involved, such as the civil defense and Modon, as well as all those concerned in the insurance companies and the company employees who worked diligently during the period to close the file.
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