Firm will complete capacity expansion plan by the end of 2010
Saudi Cable Company will receive a SR160.5m ($42.8m) loan from the Saudi Industrial Development Fund, according to a company statement to the Saudi Stock Exchange (Tadawul) on 4 January.
The fund’s board approved the loan on 27 December 2009.
The company will use the funds to finance the expansion of its power cable plant’s production capacity. This will increase the plant’s capacity from 65,000 tonnes a year (t/y) to 100,000 t/y.
The total cost of the expansion is estimated at SR556.6m. Alongside the loan from the Saudi Industrial Development Fund, Saudi Cable Company will finance the project using equity and bank loans.
The expansion is scheduled to be completed by the end of 2010.
You might also like...
Red Sea Global awards Marina hotel infrastructure
18 April 2024
Aramco allows more time to revise MGS package bids
18 April 2024
Morocco tenders high-speed rail project
18 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.