Riyadh – Saudi Industrial Services Company (SISCO) has announced a project awarding to a consortium in which one of its subsidiaries participates. The subsidiary is the International Water Distribution Company (Tawzea) and it is equally owned by SISCO and the Saudi Arabian Amiantit Company.

The seven-year project is valued at SAR 400.16 million and Tawzea owns 39% of the project company to implement the contract, according to a bourse filing on Sunday.

The project aims to manage, operate, and maintain water and environmental treatment services in Saudi Arabia’s northern sector by the National Water Company (NWC).

The consortium consists of three companies, namely Aqualia Spain Co., Tawzea Co., and Alhaj Abdullah Ali Riza Co.

In a separate statement, SISCO said its board recommended to the extraordinary general meeting (EGM) approving repurchasing a maximum of 10% or 8.16 million of the company’s ordinary shares and holding them as treasury shares.

It is worth noting that during the first half (H1) of 2022, SISCO registered net profits after Zakat and tax of SAR 3.90 million, a drop of 92.87% from SAR 54.70 million in H1-21.

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