Saudi Ceramic Co. — Capital/Financing Update 2012

Jun 16, 2012

Saudi Ceramic Company announces the start of executing of the Red Brick Project

2040 · 16/06/2012 16:33:38 · Announcement #26153 · View on Saudi Exchange

Saudi Ceramic Company announces the start of executing of the Red Brick Project

Saudi Ceramic Company announces that further to the company's announcement on 30/8/2010 about the approval of the Board of Directors to set up a project for Red Bricks, and further to the company's announcement on 21/3/2011 that it obtained approval of the Saudi Industrial Development Fund for a loan to finance the project and on which it was noted that the start of the project is related to obtaining the necessary licenses to build the plant near the sources of raw materials and on land wholly owned by the company, and since the company was unable to obtain the license to build the plant on the land owned by the company, and in order to achieve presence close to the sources of raw materials, the company obtained an approval from the relevant authorities to establish the plant inside one of the company's quarries. The company signed a contract with a European manufacturer on 16/06/2012 to supply the equipment for the project, the work on the site will start within a month from today. It is expected to start the trial production of the plant during the first half of 2014 with a designed capacity of 330,000 tons per year which represents the first phase of the project.

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