Amiantit’s subsidiary receives USD 8 million from Iraq project

21/09/2014 Argaam

Saudi Arabian Amiantit said its 80-percent owned subsidiary PWT Wasser-und Abwassertechnik received eight million US dollars in trade receivables from the owner of the Al-Samawa Unified Water Treatment Plant project in Iraq.

PWT is executing the project for Iraqi municipal ministry, but said in June that it was facing legal issues with the project’s subcontractor.

The subcontractor won an initial verdict that banned the ministry from releasing payments to PWT.

But a court of appeal subsequently rejected the claim and committed the ministry to release payments to the company, Amiantit said in a filing to Tadawul.

The payment allows the company to resume the project, the filing added.

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