Logo ofARTEX Industrial Investment Co.
Artex Industrial Investment Co. signed a binding agreement worth SAR 41.31 million with Lamina Limited to waive the lease contract of land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Second Industrial City in Riyadh, previously used as the site for the spinning factory. 
This came after the approval of the company’s board of directors in accordance to the granted authorities and completing the necessary statutory procedure and obtaining the required approvals from the relevant authorities, the company said, in a statement to Tadawul.
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The waived site was used for more than 30 years and contains building, facilities that have exceeded their economic cycle. It is planned to utilize the operable equipment at other locations, and dispose of the remaining assets in a way that achieves the best return for the company, according to the statement.
This measure comes within the company’s plan to restructure assets and improve operational efficiency. The company is working to integrate some modern production lines into other spinning sites, by using advanced equipment and techniques that don’t require large Areas, in line with modern industrial trends and to enhance operational efficiency, it added.
Artex also indicated that the transaction is expected to have a positive impact on it financial statements after the completion of the waiver process.
There are no related parties in this transaction, said the company, adding that any subsequent substantive developments will be announced at the time.
Logo ofARTEX Industrial Investment Co.
Artex Industrial Investment Co. signed a binding agreement worth SAR 41.31 million with Lamina Limited to waive the lease contract of land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Second Industrial City in Riyadh, previously used as the site for the spinning factory.
This came after the approval of the company’s board of directors in accordance to the granted authorities and completing the necessary statutory procedure and obtaining the required approvals from the relevant authorities, the company said, in a statement to Tadawul.
For more news on listed companies
The waived site was used for more than 30 years and contains building, facilities that have exceeded their economic cycle. It is planned to utilize the operable equipment at other locations, and dispose of the remaining assets in a way that achieves the best return for the company, according to the statement.
This measure comes within the company’s plan to restructure assets and improve operational efficiency. The company is working to integrate some modern production lines into other spinning sites, by using advanced equipment and techniques that don’t require large Areas, in line with modern industrial trends and to enhance operational efficiency, it added.
Artex also indicated that the transaction is expected to have a positive impact on it financial statements after the completion of the waiver process.
There are no related parties in this transaction, said the company, adding that any subsequent substantive developments will be announced at the time.
