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Miahona announces Power and Water Utility Company for Jubail and Yanbu (Marafiq) joining the Al Haer Wastewater Treatment Plant Development Consortium with Miahona and NV Besix S.A.
| Element List | Explanation |
|---|---|
| Announcement Detail | Miahona announces that it has issued with N. V. Besix SA Sharjah Branch an acceptance letter dated 16-07-2024 to Marafiq for joining the consortium of Miahona Company and N. V. BESIX S.A Sharjah Branch in the Al-Haer independent sewage treatment plant project in Riyadh (“Project”), based on Marafiq’s Letter of Intent dated 14-01-2024, and post securing the stakeholder’s approval. The Project was awarded to the consortium of Miahona Company and N. V. BESIX S.A Sharjah Branch “the Consortium” and the Project Agreement was executed on 10 March 2024 with the Saudi Water Partnership Company (SWPC).Marafiq shall join the consortium and shall hold 35% shareholding in the Project Company while Miahona, the lead member, shall maintain 45% of the Project Company. Project Agreements were executed on 10 March 2024, while Marafiq’s inclusion in the Project is 16-07-2024. Project Agreements shall be amended and/or novated accordingly, subject to stakeholder requirements. The value of the Project cost, excluding the cost of financing, is estimated to be one billion, five-hundred million Saudi Riyals (SAR 1,500,000,000). The Project aims to develop an Independent Sewage Treatment Plant (ISTP) in Al Haer with a treatment capacity of 200,000 m3/day. It also includes Treated Sewage Effluent Special Facilities (TSESF), consisting of an approximately 32 km-long Treated Sewage Effluent (TSE) transmission system with a capacity of 400,000 m3/day, a TSE Pumping Station, and TSE storage tanks with a capacity of 200,000 m3. The goal is to support and maximize the use of the treated sewage effluent in the Kingdom. The Project Agreement duration is 25 years. The positive financial impact from the Project is expected to appear on the Company's financial position starting from the date of financial close, expected in third quarter of 2024, and from Operations starting on the first quarter of 2027, as planned. |
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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