Alsorayai says calcium carbonate plant 70% complete

17/01/2017 Argaam

Alsorayai Trading and Industrial Group Co. said its calcium carbonate plant is 70 percent complete, the company said in a statement to the Saudi bourse.

 

It also agreed with Al-Jazeera Paints Factory Co. to have Al-Sorayai Industrial Investment Group as a third partner in the calcium carbonate plant project.

 

Al-Sorayai Industrial Investment Group will hold a 27 percent stake in the plant, Alsorayai Trading and Industrial Group Co. (25 percent), and Al-Jazeera Paints Factory Co. (48 percent).

 

The project is expected to start production in July 2017, and relevant financial impact will reflect on Q4 earnings.

 

Last September, Alsorayai had signed a memorandum of understanding (MoU) with Al-Jazeera Paints Co. to set up a calcium carbonate factory.

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