Raoom board nods to purchase, supply of new production line worth EUR 2 mln

Logo of Raoom Trading Co.

Raoom Trading Co. board of directors approved today, Oct. 17, the purchase and supply of a new production line for laminated glass from Germany’s BENTELER Maschinenbau GmbH, at a total cost of EUR 1.95 million, the company said in a statement to Tadawul.

The project will be self-financed from its resources, the statement said. The purchase of the new line comes in line with the company’s plan to expand and increase its share in the local market and export, as part of the Kingdom's plans to increase its market share.

The project is set to start on Oct. 17, 2022, and is expected to be completed and pilot production to begin on Oct. 17, 2023, which will continue for two months. Commercial production will kick off on Jan. 1, 2024.

The completion of the installation and operation of the line is expected to have a positive impact on Raoom’s financial results in 2024.

There are no related parties, the statement said.