Sadr Logistics Co. — Capital/Financing Update 2023

Sep 17, 2023

Sadr Logistics Co. Announces an update on Purchasing a wooden pallet factory in the second industrial city in Riyadh

1832 · 17/09/2023 15:57:34 · Announcement #75911 · View on Saudi Exchange

Sadr Logistics Co. Announces an update on Purchasing a wooden pallet factory in the second industrial city in Riyadh

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Explanation

Introduction

Sadr Logistics Company announces the start of the commercial operation of the wooden storage plant in the second industrial zone in Riyadh of the Saudi Industrial Cities Authority, after completing all the necessary requirements and licenses to start operation, The company purchased the factory in October 2021, embarked on rehabilitating the factory and importing Required Equipment from the best international and European companies , and It is planned that the factory will operate in the first phase with a production capacity of up to 75 thousand wooden pallets per month by the end of 2023, and as a second phase with a production capacity of up to 150 thousand. Wooden platform monthly by the end of 2024.

The factory produces wooden pallets that are used for storage, shipping, and export purposes, and they are heat-treated and of the highest quality to comply with international and governmental. Previous Announcement Purchase factory in the value of 4.792 million Saudi riyals. Date of Previous Announcement on Tadawul's Website 2021-10-03 Corresponding to 1443-02-26 Percentage of fulfilled achievement 100% Event's Expected Completion Date 31-12-2024 The costs associated with the event, and if they have changed or not with indication of the reasons. The costs of rehabilitation and purchasing production lines amounted to 10 million Saudi riyals for the first phase, and the remaining costs for completing the second phase of production lines amount to 2.5 million Saudi riyals, which is expected to be completed at the end of 2024.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.