SAUDI CERAMIC APPROVES EXENSION OF WATER HEATER RPOJECT

18/02/2013 Tadawul

Saudi Ceramic Company announced that its board (on February 18, 2013) approved the plan to add an annual production capacity of 600,000 heaters to the company’s second water heaters plant at Riyadh Second Industrial City.

Production is expected to start in mid-2015, with estimated cost of SAR 76 million. The project will be financed by the company’s cash flows, and loans from the Saudi Industrial Development Fund and commercial banks.

The project’s expected annual sales are SAR 92 million at full capacity operation. Further developments will be announced in due course.

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