Saudi steel producer Molan Steel said the Commercial Court of Appeal in Riyadh has issued a final ruling overturning the suspension of enforcement related to a judgment requiring the company to pay Yara International Limited SAR 17.88 mln (USD 4.76 mln), according to a stock exchange filing. The court reaffirmed its decision to dismiss the request to suspend enforcement of the judgment.
The dispute stems from Molan Steel’s acquisition of Yara International Limited’s subsidiary, Mayar International, which specializes in the manufacture of refrigerators, freezers, water coolers, and electric fans, in December 2024 for SAR 34.88 mln (USD 9.3 mln). In July last year, Yara filed a lawsuit seeking SAR 17.88 mln in alleged outstanding payments related to the transaction, along with SAR 2 mln in damages. The damages claim was later rejected by the court.
Molan Steel is a key supplier of steel products for the construction and fabrication sectors across the Middle East.
1 USD / 3.75 SAR
