First Mills pays SAR 6.3M fine to GFSA

12/12/2023 Argaam

First Mills pays SAR 6.3M fine to GFSA

Logo of First Mills

First Milling Co. (First Mills) said it paid, on Dec. 11, a SAR 6.3 million fine to the General Food Security Authority (GFSA) regarding the lawsuit filed by the authority against the company.

 

The step came as neither party involved in the lawsuit appealed the decision within the allowed timeframe, as the company explained in a statement to Tadawul.

 

The payment has no negative financial impact as the company has already set aside a provision of SAR 8.85 million in 2022, the statement added.

 

In September, First Mills was fined SAR 6.3 million in the lawsuit filed by GFSA, according to data available on Argaam. 

 

Earlier, GFSA filed a lawsuit claiming First Mills violated one of the terms of the agreement to supply subsidized and non-subsidized flour and one of the terms of the license granted to it by GFSA.

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