Obeikan Glass partners with Al-Esra Aluminum to own, operate casting facility at SAR 73 mln

Obeikan Glass manufacturing facility

Obeikan Glass Co.’s board decided, on Aug. 1, to proceed with the non-binding memorandum of understanding (MoU) signed with Al-Esra Aluminum Factory to own and operate an aluminum casting facility at a total cost of SAR 73 million.  

Under the deal, Obeikan Glass will own 60% of the project, while Al-Esra Aluminum will hold the remainder, the Saudi-listed firm said in a statement on Tadawul. 

The project will be financed through Obeikan Glass’ internal resources, in addition to financial loans from government lending funds, the statement added.

Any financial impact and significant developments regarding this matter will be announced at a later date, Obeikan Glass added. 

Last month, Obeikan Glass signed a non-binding MoU with Al-Esra Aluminum to own and operate an aluminum casting facility, according to data available in Argaam.