ASG inks 20-yr lease contract for industrial land in Sudair

Logo of ASG Plastic Factory Co.

ASG Plastic Factory Co. signed today, June 22, a 20-year industrial land lease contract with the Saudi Authority for Industrial Cities and Technology Zones (MODON), for an area of 100,380 sqm in Sudair Industrial and Business City.

This comes as part of the company’s expansion plans aimed at enhancing its production capacity and meeting the increasing demand for its products, said the company in a statement to Tadawul.

It added that the annual rental value amounts to SAR 200,754, excluding VAT.

The company also confirmed that this step comes within its strategy to expand and maximize its business and to invest in promising opportunities in sectors with sustainable economic growth, contributing to meeting current and future market needs and enhancing economic returns for shareholders.

The company expects the financial impact of the project to begin after the completion of construction works and the commencement of the factory’s operational activities, noting that there are no related parties involved.

All details regarding the project and its developments will be announced later, ASG noted.