“Bawan”: insurance compensation for fire in the plant of a subsidiary company, for a value of 33 million riyals

The Saudi Bawan Company has announced the completion of the insurance claim in be with the insurance company relating to exposure to a fire at one of its subsidiary establishments (Arnon Plastic Industries Company).

The company stated in a press release published on the site web of the Saudi market “Tadawul”, which in a sum of 9.6 million riyals had previously been received.

Bawan explained that this deal will result in a capital gain of around 5.5 million riyals in exchange for damage to assets and compensation in business interruption exchange of approximately 10.0 million riyals, the financial impact of which will appear during the fourth quarter of quest’year . Noting that the net book value of the damaged factory assets amounted to 17.5 million riyals.

Bawan announced on February 11, 2020 that one of its subsidiary factories had been exposed to fire (Arnon Plastic Industries Company) and on July 25-2021 it announced that it had received a notice of payment from the insurance company in the amount of 9.6 million riyals, which is part of the existing insurance claim with the insurance company.

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