GACO receives site evaluation draft of dates factory

30/09/2018 Argaam

 

Al Gassim Investment Holding Co. (GACO) has received an initial draft for the evaluation of its new dates factory’s site, it said in a bourse statement.

 

The founding committee is currently studying and evaluating the site, the statement added.

 

Any related financial impact or other project related developments will be duly revealed, the company also said.

 

Last May, GACO inked a memorandum of understanding (MoU) for the incorporation of a new closed joint stock company to produce and sell Saudi dates, with SAR 100 million in capital.

 

GACO, as a founding partner, agreed to pump SAR 40 million in capital into the new entity, including the company’s administrative building, dates factory, and storage refrigerators.

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