Saudi Paper Manufacturing Co. has inked a memorandum of understanding (MoU) with Turkey’s Ipek Kağıt to exclusively manufacture and distribute the Turkish firm’s Selpak brand tissues in the Kingdom.
The MoU starts on Jan. 1, 2018 and is valid until March 31, 2018, Saudi Paper said in a bourse statement.
A detailed agreement between the two parties will soon be drafted, the statement said, adding that production is expected to start in the second quarter of 2018.
The agreement also covers technical cooperation and exchange of expertise between the two companies.
The deal is expected to increase Saudi Paper’s sales, the statement said. No financial impact is expected at this point in time.
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