Saudi-based Middle East Paper Manufacturing (MEPCO) company announced on Wednesday that it has signed an agreement to purchase a plot of land in King Abdullah Economic City (KAEC) at a cost of 83 million Saudi riyals ($22 million).
The company said in a stock exchange statement that the 132,028-square metre (sqm) plot in KAEC's Industrial Valley has being acquired to accommodate future expansion plans.
The purchase is being financed through bank loans, the statement added.
The company had posted a 94 percent year-on-year decline in net profit to 6 million riyals ($1.6 million) in 2019 compared to 99 million riyals ($26 million) in the previous year.
(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)
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