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Obeikan Glass Company has started work on the 520 million Saudi riyal ($138.6 million) second float glass production line at its existing plant in the Royal Commission for Yanbu Industrial City.
The new line will have a production capacity of 650 tonnes per day, the company said in a statement to the Saudi stock exchange.
The company also signed an agreement with China’s Zhongyuan Glass Industry Equipment Company for the supply of technology and part of the equipment for the new production line.
In a stock market filing in October 2024, the company’s board approved the setting up of a second float glass production line.
Commercial production was expected to commence in 2027, the earlier filing said.
On 31 August, Argaam.com said that Obeikan Glass Co. signed an agreement to acquire the remaining stake in Obeikan AGC Co., a joint venture (JV) where it holds 19 percent of shares. The glass manufacturer agreed to buy AGC France Holding’s 50 percent stake, or 3,500 shares, in the target company for $3.77 million (14.4 million Saudi riyals).
(Writing by P Deol; Editing by Sona Nambiar and Anoop Menon)
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