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Saudi-listed Zahrat Al Waha for Trading Company has unveiled its 70-million Saudi riyal ($18.66 million) capital expansion plan for 2023, aiming to boost its share in the local and global plastic sector.
The company plans a production line for polyethylene terephthalate (PET) bottles (preform) and two production lines for plastic bottle caps. Commercial production is likely to begin in the third quarter of 2023.
The printing and packaging materials business will witness the setting up of two integrated printing lines with an annual capacity of 3,180 tonnes and two production lines of multi-product and multi-use packaging materials with a yearly capacity of 10,850 tonnes.
Commercial operations are expected to start in the fourth quarter of 2023.
The statement said the expansion plan will be self-funded to reduce financing costs, adding that all production lines have been purchased from major European companies.
(Writing by D Madhura; Editing by Anoop Menon)
