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The land transportation and logistics industry is a fast growing component of the vibrant Saudi economy. Saudi Arabia relies almost entirely on land transportation for the distribution of all goods and commodities that are produced locally or imported. It has no inland waterways and the current railway network covers only a small part of the country.
In continuation of the efforts of the Board of Directors of Saudi Transport & Investment Co. Mubarrad and the pursuit to raise the administrative and operational efficiency, and restructuring of the organizational structure, financial, administrative and operation of the company.
Saudi Transport & Investment Co. Mubarrad on Monday, on 07/05/1432, 11/04/2011 signed a contract with Saudi Arabian Company for SABCO projects, member of Talal Abu-Ghazaleh International, to develop and restructure the company financially, administratively and operationally.
The Managing Director Chief Executive Officer Mr. Badr bin Khalid Alshahyla, that the contract includes the development of a strategic process to structure the regulations and operations properly, and a plan to stimulate the development of performance within the company which will reduce expenses and increase revenues and improve the company in general
Further to the announcement published on the Tadawul website on 30/03/2011 containing the approval of the Board of Directors to expand the company's activities; Saudi Transport & Investment Co. Mubarrad Announces the decision of the Board of Directors in its meeting held on Thursday, on 12/05/2011 approval to purchase 50 trucks of the type MAN model (TGS) 210, 440 BLS (4 * 2) model 2011 with a total value of (SR 15.337.500 million), and will be receiving these trucks during the month of September this year, financing of this deal was provided by Mubarrad’s resources, this transaction is expected to have a positive effect on the operation in the fourth quarter. Information will be disclosed upon receipt from supplier and inclusion in the fleet.
Managing Director and CEO of the company Mr. Badr bin Khalid Alshahyla confirmed that this step reflects the serious desire of the Board to work and strive for the benefit of the company.
Chairman of the Saudi Transport & Investment Co. Mubarrad Mr. Hamoud bin Himer Al Bel'asi has submitted his resignation to the Board from his position, and it has been approved by the Board of Directors in its session No. (175/11) dated 13/11/1432, 10/11/2011, and that because of his personal reasons, and the Board of Directors thanks him for his efforts.
Further to the announcement the company published on 19/03/1432 corresponding to 22/2/2011 on the exploitations and financial irregularities taken by the Board of Directors, which took over management of the company for the period from 2004 to 2010 on an investment of company’s funds in a manner contrary to the law of the companies and regulations of the financial market and which had an impact on the financials resulting losses and damages.
The company's management would like to note that they made on Saturday 25/06/1432, 28/05/2011 a complaint to the Capital Market Authority against the Chairman of the Board and a number of parties to claim compensation for which the company suffered losses from, further announcements will be made immediately after any developments.
Saudi Transport & Investment Co. Mubarrad announces the signing of a memorandum of understanding with Al Nasser Group for Commercial Investment (road transport sector), a limited liability company based in Riyadh on Monday on 01/02/1433, 26/12/2011 for the duration of one hundred and twenty days from the date of this morning, Tuesday 27/12/2011, with the goal of Al Nasser enabling Mubarrad of access to the necessary information to assess the transport sector it owns, that is in preparation to determine the right price and then present an offer from Mubarrad for purchasing the business line from Al Nasser. Announcements will be made immediately for any subsequent developments related to this trend.