APICO concludes land lease contract in Al-Kharj with MODON at value of SR5.1 mln

Arabian Plastic Industrial Company (APICO) announced on Tuesday the successful conclusion of a land lease agreement with MODON in the Industrial area of Al-Kharj, Riyadh. The total land area is 34,270.68 sqm.
A land lease contract with the Saudi Authority for Industrial Cities and Technology Zones “MODON”, the land is located in the industrial area of Al-Kharj city – Riyadh, Saudi Arabia. The annual rental value is SR68,541, equivalent to SR1.4 million for a period of 20 years (excluding VAT).
APICO plans to have a new plant to fulfill the growth and demand from central and eastern regions of the Kingdom
The new expansion is expected to add 6,500+ MT in production capacity. The financial impact of the project is expected to start upon the completion of developments and the start of operations. Furthermore, this project is expected to increase the revenue by 40% over the first 3 years of operations
Announcements for any material developments related to the project will be made in due course.