Sadr Logistics buys factory in Riyadh for SAR 4.8 mln

Logo of Sadr Logistics Co.

Sadr Logistics Co. announced the purchase of a factory in Riyadh second industrial area for SAR 4.79 million, according to a bourse filing.

The factory was affiliated to the Saudi Authority for Industrial Cities and Technology Zones (MODON).

It was purchased in a public auction and financed by credit facilities secured from Arab National Bank (ANB).

The deal value was fully settled and Sadr signed a 20-year lease contract with MODON.

The factory, which spans 5,516 square meters (sqm), comprises an administrative building, a storage area and a production hall.

The factory has no financial data for the past years.

The deal aims to expand the company’s operations and increase productivity to fulfill the clientele increasing demand.

Under the deal, the company is forecast to expand operations in the manufacturing sector, boost productivity, grow its market share and augment the revenue and profit of its segments.

The deal included no related parties, the statement added.