Logo ofObeikan Glass Co.
Obeikan Glass Co. will launch the trial operations of the aluminum casting facility (Saudi Aluminum Casting Foundry), as of today, Dec. 16, 2024, according to a statement to Tadawul. 
These pilot operations will continue until the completion of testing factory equipment and ensuring efficiency.
The relevant financial impact is expected to appear upon the launch of commercial operation in Q1 2025.
Obeikan Glass’ board decided, on Aug. 1, 2023, to proceed with the non-binding memorandum of understanding (MoU) signed with Al-Esra Aluminum Factory to own and operate an aluminum casting facility at a total cost of SAR 73 million.
Under the deal, Obeikan Glass will own 60% of the project, while Al-Esra Aluminum will hold the remainder, data compiled with Argaam showed.
The project will be financed through Obeikan Glass’ internal resources, in addition to financial loans from government lending funds, the statement added.
Any financial impact and significant developments regarding this matter will be announced at a later date, Obeikan Glass added.
Last month, Obeikan Glass signed a non-binding MoU with Al-Esra Aluminum to own and operate an aluminum casting facility, according to data available in Argaam.
Logo ofObeikan Glass Co.
Obeikan Glass Co. will launch the trial operations of the aluminum casting facility (Saudi Aluminum Casting Foundry), as of today, Dec. 16, 2024, according to a statement to Tadawul.
These pilot operations will continue until the completion of testing factory equipment and ensuring efficiency.
The relevant financial impact is expected to appear upon the launch of commercial operation in Q1 2025.
Obeikan Glass’ board decided, on Aug. 1, 2023, to proceed with the non-binding memorandum of understanding (MoU) signed with Al-Esra Aluminum Factory to own and operate an aluminum casting facility at a total cost of SAR 73 million.
Under the deal, Obeikan Glass will own 60% of the project, while Al-Esra Aluminum will hold the remainder, data compiled with Argaam showed.
The project will be financed through Obeikan Glass’ internal resources, in addition to financial loans from government lending funds, the statement added.
Any financial impact and significant developments regarding this matter will be announced at a later date, Obeikan Glass added.
Last month, Obeikan Glass signed a non-binding MoU with Al-Esra Aluminum to own and operate an aluminum casting facility, according to data available in Argaam.
