Maadaniyah to add new SAR 30 mln production line

03/05/2015 Argaam
National Metal Manufacturing and Casting Co. (Maadaniyah) said its board of directors had approved on Thursday the building of a new standard wire production line that is estimated to cost SAR 30 million.
 
In a statement to Tadawul, the company said the project would be financed through loans and its own resources. The start date of its construction will be announced later, while its scheduled completion has been set for March 1, 2016.
 
The company added that the new line is expected to positively impact Maadaniyah’s financial results by adding about SAR 70 million within one year as of June 1, 2016.
 
Trial and commercial operations are projected to start on April 1, 2016 and June 1, 2016 respectively. 

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