Middle East Paper Co. (MEPCO) began commercial production at its paper recycling unit in Jeddah on September 29 following its successful tests, the company said in a statement to Tadawul.
MEPCO said the total investment in the project amounted to SAR 63.6 million; 50 percent of which was financed by Saudi Industrial Development Fund (SIDF), 15 percent through a Murabaha facility, while 35 percent was financed through the company’s own resources.
The company expects to see a positive financial impact from the project-- which will help cut raw material cost by up to 2 percent—by the third quarter of 2016.
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