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Naqi Water Company announces the signing of a contract to execute the construction project of the Company’s factory in Riyadh, with a value of SAR 16,524,473.
| Element List | Explanation |
|---|---|
| Introduction | Naqi Water Company is pleased to announce that it has signed a contract for the construction of its factory in Riyadh. The scope of the contract covers all construction works, including electrical, mechanical, and the required infrastructure works needed to commission the production lines and the desalination plant, ensuring the factory ’s readiness for commercial operation, in line with the highest technical standards.
This contract forms part of the Company’s previously announced plans to its shareholders regarding the execution and operation of its factory in Riyadh, with the objective of increasing production capacity and expanding the scope of its operational activities in alignment with the Company’s growth strategy.
It is worth noting that the production capacity of the factory will exceed 1 billion bottles annually, representing an increase of approximately 70% compared to the current production capacity of the Company’s main factory in Qassim, in alignment with the Company’s strategy to strengthen its market share. |
| Project Start Date | 01/11/2025 |
| Project Cost | SAR 16,524,473 |
| Financing method for the project | The contract will be financed entirely from the Company’s internal resources without the need for external financing. |
| Expected completion date of the project | 01/11/2026 |
| Expected Financial Impact of the Project on the Company’s Results | The financial impact of this project is expected to appear in the fourth quarter of 2026. |
| The Start of the Expected Impact of the Project on the Company’s Results | The financial impact of this project is expected to commence during the fourth quarter of 2026. |
| Expected Date for the Pilot Production of the Project to Begin | Not applicable. |
| Duration of the pilot production of the project | Not applicable. |
| Expected date for the commercial production of the project | 31/12/2026 |
| Executing Party/Counter Party in the Project/Contract | Al-Memary Advanced Limited Company Commercial Registration No.: 1010229938 |
| Related Parties | This contract is considered a related party transaction, as one of the major shareholders of Al-Memary Advanced Limited Company owns 50% of its capital and also holds 50% of United Seqa Group, which in turn owns 35% of Naqi Water Company’s shares.
The transaction has been approved in accordance with the Company’s related party policies and procedures, in line with applicable laws, regulations, and the Exchange Rules. This disclosure is made pursuant to the Capital Market Authority’s regulations and the Rules on the Offer of Securities and Continuing Obligations relating to related party transactions. |
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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