Al-Samaani to invest SAR 2 mln in new production lines

10/01/2018 Argaam

 

Al-Samaani Factory for Metal Industries Co. (Al-Samaani) said it will invest SAR 2 million to add new production lines to its existing facilities.

 

Related financial impact of the investment will appear as of Q2 2018, the company said in a stock market filing.

 

Al-Samaani is a medium-sized manufacturer of racking systems. In early 2017, it generated SAR 17.5 million from the sale of 20 percent stake in initial public offering (IPO) on parallel stock market (Nomu).

 

The company had announced that IPO proceeds will be used to add production lines and logistics services.

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