SMASCO signs SAR 50M service provision contract
Saudi Manpower Solutions Co. (SMASCO) signed today, Feb. 11, a workforce service provision contract with Waad Khadmat Al-Munzal for Marketing Co., a limited liability company, for an estimated value of SAR 50 million, excluding VAT.
In a statement to Tadawul, the company said that the two-year term contract is a framework agreement.
The financial impact is expected to be positive on the company's 2025 and 2026 results.
There are related parties to this agreement, the statement added.
Board member Majed Al-Kuraydis has an indirect interest in the contract, as he also serves on the board of Waad. Additionally, CEO Abdullah Al-Timyat has an indirect interest, as he is also a board member of Waad, which is 50% owned by Saneem, a wholly owned subsidiary of SMASCO.
The company emphasized that no preferential treatment was granted in this contract and that it falls within its normal course of business.
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