Subsidiary of Amiantit signs MoU with National Water to support local industry for production of water valves

Saudi Arabian Amiantit Company announced on Wednesday that one of its subsidiaries, “Saudi Amicon Company Limited” (in which Amiantit owns 99.93%), signed on Tuesday 18-10-2022 a memorandum of understanding with the National Water Company, with the aim of supporting, and promoting, growing and developing the local industry for the production of water valves, raising the level of their performance, and giving priority to supporting local content in this field.
The company said in a statement on Tadawul that the term of the memorandum is one year, starting from 10/18-2022, and it is automatically renewed for a similar period or periods, indicating that there are no related parties.
It explained the material effect of signing the MOU, this MOU will enhance the competitive capacity of the company and give it a priority to compete with global companies at the local level which will be positively reflected in the volume of sales with the reasonable prices.