Obeikan Glass completes ‘most’ agreements for Yanbu production line

Saudi Advanced Industries Company said ​on Thursday ​that its affiliate Obeikan Glass Company completed most agreements with Japan-based Asahi Glass Company (AGC) to build a new production line in its Yanbu Facility.

The new line will be equally owned by both companies, and will use solar control coating technology to produce insulated glass.

The company expects the project to cost about SAR 400 million, it said in its statement to Tadawul, Saudi’s bourse. The line will launch contractual agreements in H1-2015, it added.

Last July, Obeikan Glass— which is 40 percent owned by Saudi Advanced Industries Company— signed a six months letter of intent in July with AGC to launch the production line, according to data compiled by Argaam.