Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)
National Metal Manufacturing and Casting Co. (Maadaniyah) reached a mutual agreement with IGL Group Ltd. on Nov. 11, to cancel the aluminum foundry project, which was to be developed through Vair National Metal Casting Co. 
In a statement to Tadawul, the company said the project was canceled due to a lack of progress in its implementation, noting that neither party has any outstanding obligations.
It added that the relevant licenses and commercial registration would be canceled in accordance with applicable regulations. The cancellation costs amount to SAR 1.2 million, reflecting an impairment of non-financial assets.
According to data available with Argaam, Maadaniyah signed a memorandum of understanding (MoU) with IGL in February 2021 to establish an aluminum foundry as part of its expansion plans. The MoU was subsequently renewed several times.
Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)
National Metal Manufacturing and Casting Co. (Maadaniyah) reached a mutual agreement with IGL Group Ltd. on Nov. 11, to cancel the aluminum foundry project, which was to be developed through Vair National Metal Casting Co.
In a statement to Tadawul, the company said the project was canceled due to a lack of progress in its implementation, noting that neither party has any outstanding obligations.
It added that the relevant licenses and commercial registration would be canceled in accordance with applicable regulations. The cancellation costs amount to SAR 1.2 million, reflecting an impairment of non-financial assets.
According to data available with Argaam, Maadaniyah signed a memorandum of understanding (MoU) with IGL in February 2021 to establish an aluminum foundry as part of its expansion plans. The MoU was subsequently renewed several times.
