‎Twareat challenges ruling in case against SABIC

Twareat Medical Care Co., listed on the Nomu-Parallel Market, received a notice today, Dec. 10, from its external legal counsel confirming that an appeal brief was submitted on De. 9 to the Commercial Court in Riyadh.

The appeal challenges the ruling issued in the case against -Saudi Basic Industries Corp. (SABIC), in which the preliminary circuit ruled that it lacked subject-matter jurisdiction to hear the case.

The company said in a statement to Tadawul that it will disclose any further material developments as they arise.

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According to data available with Argaam, Twareat filed a lawsuit against SABIC. The lawsuit was filed in the Fourth Circuit of the Commercial Court in Riyadh, seeking SAR 34.51 million, including VAT, as compensation for financial issues related to unmet contract obligations from Dec. 1, 2019, to Nov. 30, 2024.

The company explained that the lawsuit relates to an agreement for operating eight medical clinics in SABIC’s facilities and subsidiaries. The agreement stipulated that Twareat will conduct a specific number of medical examinations annually for the employees of SABIC and its affiliates, provided that SABIC must compensate Twareat for any financial margins if the number of conducted examinations falls below the minimum threshold agreed upon in the contract.

Twareat Medical Care Co., listed on the Nomu-Parallel Market, received a notice today, Dec. 10, from its external legal counsel confirming that an appeal brief was submitted on De. 9 to the Commercial Court in Riyadh.

The appeal challenges the ruling issued in the case against -Saudi Basic Industries Corp. (SABIC), in which the preliminary circuit ruled that it lacked subject-matter jurisdiction to hear the case.

The company said in a statement to Tadawul that it will disclose any further material developments as they arise.

According to data available with Argaam, Twareat filed a lawsuit against SABIC. The lawsuit was filed in the Fourth Circuit of the Commercial Court in Riyadh, seeking SAR 34.51 million, including VAT, as compensation for financial issues related to unmet contract obligations from Dec. 1, 2019, to Nov. 30, 2024.

The company explained that the lawsuit relates to an agreement for operating eight medical clinics in SABIC’s facilities and subsidiaries. The agreement stipulated that Twareat will conduct a specific number of medical examinations annually for the employees of SABIC and its affiliates, provided that SABIC must compensate Twareat for any financial margins if the number of conducted examinations falls below the minimum threshold agreed upon in the contract.