Saudi's Bawan receives $2.66mln as insurance for fire incident

The affected plant would fully be back to operating

  
Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser
Riyadh –  Bawan Company has obtained SAR 9.6 million that represented part of the insurance claim covering the fire incident at a factory of its subsidiary Arnon Plastic Industries Company in Dammam city.

The listed company did not expect any material negative financial impact on the financial results from the fire incident, according to a bourse filing on Sunday.

Bawan projected that the affected plant would fully be back to operating during the first quarter (Q1) of 2022.

The proceeds of the insurance coverage will be used to finance the purchase and installation of one of the production lines that was damaged by the fire to be ready for operating in Q3-21. Bawan has moved this line to its plant in Jeddah.

Source: Mubasher

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