A Saudi appeals court has upheld the dismissal of a lawsuit that sought SR376.1 million, plus SR37.6 million in legal fees, from a subsidiary of Advanced Building Industries Co. (SENAAT).
The case was brought by Medad Development and Real Estate Investment Co. against Zamil Air Conditioning and Refrigeration Services Co., SENAAT said in a statement to the Saudi Exchange on Sunday. The claims totaled about SR413.8 million.
The final ruling was issued on October 22 by the Second Appeals Circuit at the Commercial Court in Dammam. It confirmed a lower court’s decision to reject the lawsuit.
Zamil Air Conditioning and Refrigeration Services is a unit of Zamil Air Conditioners Holding Co., which is in turn a subsidiary of SENAAT.
SENAAT said the ruling has no financial impact on its financial statements, as the lawsuit was dismissed and the claimant’s entitlement to the amount was not established, Argaam reported.
Earlier this month, another SENAAT subsidiary, Zamil Structural Steel Co., signed a SR308.2 million contract for the National Tennis Center in Qiddiya City in Riyadh.
