Al Rashid Industrial purchases factory site in Qassim for SAR 9.2M

Logo of Al Rashid Industrial Co.

Al Rashid Industrial Co. completed the purchase deal for the factory site of International Factory for Jewel Boxes in Qassim 1st. Industrial City for SAR 9.2 million, inclusive of VAT, the company said in a statement to Tadawul.

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The deal included the site, buildings, machinery, equipment, and vehicles of the factory.

The relevant government authorities approved the transaction, along with the Saudi Authority for Industrial Cities and Technology Zones (MODON), which approved the transfer of lease contracts for sites totaling 13,722 square meters, the company noted.

Al Rashid Industrial added that the entire purchase was self-financed and that the acquisition aligns with its expansion plans to increase production capacity and market share in the packaging industry, both locally and internationally.

The financial impact of the deal is expected to appear in 2025, the statement added.

In July 2024, Al Rashid Industrial announced the purchase of a factory site in Qassim 1st Industrial City for SAR 9.2 million, inclusive of VAT, according to data compiled by Argaam.