MEPCO buys land plot in King Abdullah Economic City for SAR 83.18 mln

31/03/2020 Argaam

 

Middle East Paper Manufacturing and Production Company (MEPCO) signed today, March 31, an agreement with the Emaar the Economic City (Emaar EC), to purchase a land plot in the Industrial Valley of King Abdullah Economic City (KAEC), at a value of SAR 83.18 million, excluding value-added tax.

 

The 132,028 square meter land plot will be used to develop the company's future projects, it said in a bourse filing.

 

MEPCO will pay 20% of the purchase value with the signing of the contract, while the remaining amount will be paid in 9 annual installments from March 2021.

 

The financial impact of deal will be reflected in the first quarter of 2020 earnings, the statement added.

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