Saudi Paper signs deal with Italy’s Toscotec

Production is expected to commence during Q4 22

  
Image used for illustrative purpose. Cropped Image Of Insurance Agent Discussing With Client At Desk.

Image used for illustrative purpose. Cropped Image Of Insurance Agent Discussing With Client At Desk.

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Riyadh – Mubasher: Saudi Paper Manufacturing Company has signed an agreement worth SAR 58 million with the Italian company Toscotec to provide the latest technologies and solutions for tissue paper producers worldwide.

The Saudi firm aims to increase the production capacity of tissue paper rolls by 30,000 tonnes from 100,000 tonnes to 130,000 tonnes annually.

Production is expected to commence during the fourth quarter (Q4) of 2022.

Saudi Paper will be funding the transaction through the capital increase that was concluded on 6 January 2021, in addition to using part of the working capital.

The financial impact of this transaction will reflect on the financial statements as of the second quarter (Q2) of 2021.

Source: Mubasher

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