MESC secures loan to finance PVC project

18/04/2012 Tadawul

The Middle East Specialized Cables Company (MESC) announces that the board of directors of the Saudi Industrial Development Fund agreed (on 9/5/1433) to grant the company a five-year loan of SAR 19.5 million.

The loan will be paid off in half-yearly installments with varying amounts, and will be used to finance the company’s PVC project. PVC is a material used in insulating and capsulizing wires and electric cables.

The project’s production capacity exceeds 36,000 tonnes a year. Its projection will secure all company’s need of the material, and the surplus will be marketed locally and internationally.

Commercial operation is expected within weeks.

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