SIDC: Sleep High Signs Agreement worth SAR12.7 million with Amdad Support Services

Saudi Industrial Development Co. (SIDC) has announced the conclusion of an agreement between Sleep High and Amdad Support Services Co, one of its Subsidiaries (Related party).

SIDC has said in a statement to the Saudi Stock Exchange (Tadāwul) on Sunday that the contract is worth SAR12.655 million, projected annually. It includes freight, delivery, and storage services for Sleep High’s products, restricting to several flights carried out, the amount of products sold, and the storage space leased.

The announcement Date of awarding is June 16, 2022.

The date of Signature is June 30, 2022.

The following information relates to the contract details: The Global Marketing Co. for Sleeping System, referred to as Sleep High, has drawn up a contract with Amdad Support Services to provide the services of transportation and delivery to storage. Both companies are considered subsidiaries of Saudi Industrial Development Co. (SIDC). The services shall be limited to the number of flights carried out, the number of products, and the storage space leased.

The contract duration shall remain effective from July 1, 2022, until June 30, 2025.

Beginning from the third quarter of 2022, the financial impact period will reflect on the financial results according to the number of operational processes between contracting companies.

Amdad Support Services Co. referred to as a related party is indirectly owned 50% by some of BOD members from Saudi Industrial Development Co. (SIDC). The ownership interest pertains to the following members:

1- Ahmed bin Abdullah al-Kanhal.

2- Ibrahim bin Abdullah al-Hamidi.

The information below is an additional abstract:

The contract value is based on the number of flights carried out, the number of products, and the storage space leased.

The contract is made and signed by virtue of permission received from the 35th ordinary general assembly meeting held on Thursday, November 16, 2022, corresponding to 17-11-1443AH.