Southern Province Cement to build new line at Bisha plant

The Southern Province Cement (SPC) company announced that it signed a deal to build a second production line at its Bisha plant as follows:

1. The company’s board of directors approved the entry into contract to build up a second production line at Bisha plant on Thursday 7/11/2013.
2. The project starts from the date the contractor receives the down-payment.
3. The project’s cost is USD 190 million or SAR 713 million.
4. The project is financed from company own resources and Islamic credit facility from a local bank.
5. The expected date for production of clinker is 20 months from inception.

The financial effect and any developments will be announced on time.

Note:

On the same day, the company announced that the project’s contractor is China’s CNBM, the expected date for commencement of execution works is five weeks after the signing of contract, and that test production of clinker and commercial operation will be 20 and 23 months after the contract signing date respectively.