ASG Plastic completes 56% of factory expansion project

Logo of ASG Plastic Factory Co.

ASG Plastic Factory Co. completed 56% of its factory expansion project, according to the approved project timeline.

The project is being funded through the proceeds of the company's IPO, the company said in a Tadawul statement.

For more news and details on the projects

The expansion aims to increase production capacity, diversify the product range within target sectors, and strengthen the company’s presence in the industrial sector. Additionally, it seeks to explore new opportunities for growth and expansion.

ASG continues to carry out the construction works according to the highest technical and engineering standards, aligning with its expansion strategy that resonates with Saudi Arabia's Vision 2030, which aims to enhance industrial production efficiency and support sustainable development in the sector.

The project is expected to be fully completed by the first quarter of 2026, the company said, confirming that the work is progressing according to the planned schedule as announced in the prospectus.

The company will disclose any further updates or financial impacts related to the project as they arise.

In July 2024, ASG stated in its IPO prospectus that its expansion plan includes doubling the current production capacity after fully implementing the planned expansions. It also aims to increase production and storage areas to 180,000 square meters (sqm), with an additional expansion space of approximately 90,000 sqm over the next three years, according Argaam data.