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Modern Mills Company announces the Establishment of a Food Ingredients Plant
2284
MODERN MILLS
-1.24
%
1447/11/23 10/05/2026 08:35:48
| Element List | Explanation |
|---|---|
| Introduction | Modern Mills Company announces the approval of its Board of Directors, pursuant to its resolution issued on Thursday, 20 Dhu al-Qi’dah 1447H, corresponding to 07 May 2026, for the food ingredients plant project in the Western region, with a production capacity of 42,000 metric tons per year. |
| Date of Board Resolution in Regard to the Project | 2026-05-07 Corresponding to 1447-11-20 |
| Project Start Date | The preliminary works for the project are expected to commence in the third quarter of 2026, after fulfilling all regulatory approvals. |
| Project Cost | The estimated cost of the project is around SAR 87.7 million. |
| Financing method for the project | The project will be funded by internal resources, sharia compliant bank facilities, and other financing programs. |
| Expected completion date of the project | Technical studies and discussions with contractors and related parties are currently being finalized to determine the expected project completion date, and any further developments in this regard will be announced in due course. |
| Expected Financial Impact of the Project on the Company’s Results | The project is expected to impact the revenues and net profit of the company. |
| The Start of the Expected Impact of the Project on the Company’s Results | The expected start date of the project’s impact on the Company's results will be announced in due course. |
| Expected Date for the Pilot Production of the Project to Begin | The expected date for the commencement of the project’s pilot production will be announced in due course. |
| Duration of the pilot production of the project | The pilot production phase is expected to last approximately one month. |
| Expected date for the commercial production of the project | The expected date for the commencement of the commercial production will be announced in due course. |
| Executing Party/Counter Party in the Project/Contract | As of today, no contract concluded with a contractor to execute the project. Any other material developments related to the project will be announced in due course. |
| Related Parties | There are no related parties |
| Additional Information | This project is launched as per the Company’s strategy to diversify its products portfolio to include value-added products, while supporting the localization of food production in line with the food security objectives and Kingdom’s Vision 2030. Any other material developments related to the project will be announced in due course. |
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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