Umm Al-Qura Cement Co. Announces an update on Umm Al-Qura Cement Co’s Announcement of a major technical failure occurred to a primary component of cement mill No. (1)
|Introduction||Umm Al-Qura Cement Company announces the restart of Cement Mill No. (1) on Monday, September 18, 2023 AD, after rehabilitating it to be technically compatible with an alternative unit that was purchased locally after the necessary modifications and technical testing. |
The completed rehabilitation work on Cement Mill No. (1) will also be compatible with the replacement unit that was previously purchased as announced on March 13, 2023 AD.
As a result of the return of production of Cement Mill No. (1), the rate of production capacity will be gradually increased to meet the market need and the volume of demand.
|Previous Announcement||Umm Al-Qura Cement Co. Announces that a major technical failure occurred to a primary component of cement mill No. (1)|
|Date of Previous Announcement on Tadawul's Website||2022-10-09 Corresponding to 1444-03-13|
|Percentage of fulfilled achievement||100%|
|Event's Expected Completion Date||18-09-2023|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||The cost of purchasing the alternative unit from the local market and rehabilitation of mill No. (1) is SAR 4.5 million. |
The financial impact of running mill No (1) cannot be measured due to the fluctuation of sale prices and demand. The financial impact shall appear via the third and fourth quarters of 2023.
|Additional Information||Regarding the unit that was previously purchased as per the announcement on March 13, 2023 AD, it will arrive and be stored as a strategic spare part for use in the event of need.|
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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