Abico to buy Jeddah factory for 28M riyals

Arab Plastic Industry Company (ABICO) has signed an agreement to purchase a factory in Jeddah valued at 28 million riyals, with the goal of enhancing its production capacity and expanding its assets in the plastic products sector. The deal includes the acquisition of buildings and facilities spanning an area of 44.64 thousand square meters, as well as the relinquishment of lease agreements with the Saudi Industrial Cities Authority. The transaction is subject to official approval and the fulfillment of certain conditions. The company will finance the deal through existing banking facilities and aims to increase its ability to meet market demand and improve operational efficiency.

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