Al-Sorayai’s board approves new aluminum project

23/04/2014 Argaam

Al-Sorayai Trading and Industrial Group’s board approved a plan yesterday to build an aluminum extrusion plant, to be 60 percent owned by the company.

The company will invest three million riyals in the project from internal resources, it said in a filing to Tadawul.

Other stakeholders are Abdul-Aziz Al-Sorayai Investment Co. and Beyoot Investment and Real Estate Development Company; each will own 20 percent stake.

Construction works will start on June 1, 2014, and the facility will be operational by October 2015, said the company.

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