Riyadh – Mubasher: Alwasail Industrial Company has transferred the machines and equipment of the Ras Al Khaimah factory in the UAE to its factories in Burayadh city, according to a bourse filing.
The firm indicated that all the factory’s equipment and production lines were fully transferred to the installation site in the first industrial zone in Burayadh.
Out of 20 injection machines, a total of 18 injection machines were equipped and connected by 90%.
Meanwhile, the rest of the machines will be tested when they run, as the preparation and installation process is complete.
The transaction is expected to take place on 1 May 2024 after the board members of Alwasail approved this move on 6 September 2022.
Alwasail highlighted that the costs associated with the transferring process are valued at SAR 1.60 million.
At the beginning of 2023, the Tadawul-listed firm signed a SAR 300 million agreement with Saudi Basic Industries Corporation (SABIC).
