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AICC pays Zahid Tractor SR201m in damages

Arabia Insurance Cooperative Co. (AICC) has paid SR201 million in damages claimed by Zahid Tractor & Heavy Machinery Co. following a gas truck explosion in 2012, local media said.
Some 26 people were reported killed and 111 injured after a fuel truck crashed into a concrete flyover and exploded in eastern Riyadh on Nov. 1, 2012, where the buildings of Zahid Tractor were located.
In a statement posted on the Saudi stock exchange (Tadawul), AICC said the payment of the claim would not materially affect the company’s financial position as the losses emerging from the incident are re-insured by 99.51 percent at a re-insurance company.
Meanwhile, Zahid Tractor said the financial impact of the claim is expected to appear on the financial statements of the company from the first quarter of the current year.