Haitham Al-Suhaibani, Vice Chairman and CEO ofArab Sea Information System Co.
Arab Sea Information System Co. Vice Chairman and CEO, Haitham Al-Suhaibani, said the company plans to use proceeds from the sale of its entire stake in Arab Sea Financial Co. (SeaPay), to support operating activities and finance government projects. This will enhance its ability to expand contract execution, compete for new projects, and increase its share of government projects in the coming periods.
In an interview with Argaam, Al-Suhaibani added that the company’s priority is to deploy these resources in activities and projects that support operational growth and improve capital efficiency, positively impacting its financial performance over the medium and long term.
He said Arab Sea expects to realize capital gains from the sale of its entire stake in Arab Sea Financial Co. (SeaPay), noting that the final capital gain or loss will depend on the investment’s book value upon completion of the transaction, the applicable accounting treatment, and any related obligations or adjustments.
Haitham Al-Suhaibani, Vice Chairman and CEO ofArab Sea Information System Co.
Arab Sea Information System Co. Vice Chairman and CEO, Haitham Al-Suhaibani, said the company plans to use proceeds from the sale of its entire stake in Arab Sea Financial Co. (SeaPay), to support operating activities and finance government projects. This will enhance its ability to expand contract execution, compete for new projects, and increase its share of government projects in the coming periods.
In an interview with Argaam, Al-Suhaibani added that the company’s priority is to deploy these resources in activities and projects that support operational growth and improve capital efficiency, positively impacting its financial performance over the medium and long term.
He said Arab Sea expects to realize capital gains from the sale of its entire stake in Arab Sea Financial Co. (SeaPay), noting that the final capital gain or loss will depend on the investment’s book value upon completion of the transaction, the applicable accounting treatment, and any related obligations or adjustments.
