This transfer is expected to be positive for Bactiguard's long-term profitability in the Middle East, but currently it is not possible to assess the financial effects beyond what is stated above regarding the transfer of accounts
receivable, the company added.
The transfer of accounts
is prohibited under the terms and conditions of the site, the Telegraph reports.
The implementation of all rules will not be possible during this year and the SAMA has therefore allowed certain ones, such as the transfer of accounts
between local banks, to be completed in January of 2014.
The company also announced that it has completed the previously announced transfer of accounts
associated with the Gateway Bank & Trust branch located at 8470 Falls of Neuse Road in Raleigh, North Carolina to its branch at 2235 Gateway Access Point in Raleigh and has closed the Falls of Neuse branch.