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Naqi Water Co. Announces the Purchasing of A production line for producing bottled drinking water in various sizes and packaging. in the amount of 20,125,000 Saudi Riyals
| Element List | Explanation |
|---|---|
| Introduction | Naqi Water Company is pleased to announce the signing of a contract for the purchase and supply of a production line for producing bottled drinking water, as part of the ongoing construction of its new factory in the Jazan region |
| Transaction Details | Signing a contract for the purchase of a production line for bottled drinking water, as part of the company's expansion plan to establish a new factory for producing bottled drinking water in the Jazan region |
| Transaction Amount | 20,125,000 Saudi Riyals |
| Transaction Conditions | There are no special conditions within this deal |
| Parties of the Transaction | 1. Middle East Factory for Machines Co. Ltd. (MEMCO) 2. Naqi Water Company |
| Transaction Financing Method | The contract is being self-funded by the company without the need for any external financing |
| Date of Entering Into The Transaction | 2024-07-30 Corresponding to 1446-01-24 |
| Description of Activity of The Asset Subject of The Transaction | A production line for bottled drinking water in various sizes and packaging |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable |
| Transaction reasons | The purchase of this asset is part of the company's plan to establish a bottled drinking water factory in the Jazan region. On May 23, 2024, the company had previously announced the leasing of industrial land in the Jazan region to construct a new factory for producing bottled drinking water. This contract represents a continuation of the company's expansion plans at its production facilities, aiming to enhance its sales operations more efficiently across various regions in the Kingdom. |
| Expected Impact of the Transaction on the Company and Its Operations | It is expected that this asset will contribute to increasing the company's production capacity by approximately 350 million bottles annually under normal operational conditions. It is anticipated that the financial impact of this production line will begin during the second half of 2025. |
| Related Parties | Middle East Factory for Machines Co. Ltd. (MEMCO), in which Mr. Zaeid Al-Nazer, a member of the board of directors, has an indirect interest |
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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