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KSA's SPMC inks MoU with Turkey's Ipek Kağıt

KSA's SPMC inks MoU with Turkey's Ipek Kağıt
KSA's SPMC inks MoU with Turkey's Ipek Kağıt
SPM
2300
109.58% 76.60 40.05

Riyadh – Mubasher: Saudi Paper Manufacturing Company's (SPMC) signed on Tuesday, 5 December a memorandum of understanding (MoU) with Turkey-based, Ipek Kağıt to manufacture and distribute the Turkish company’s brand, Selpak brand tissues in the Kingdom exclusively.

The MoU’s period will start at the beginning of 2018, and will last until the end of first quarter of 2018, according to SPMC’s statement on Wednesday to the Saudi Stock Exchange (Tadawul).

The MoU aims to draft the contract between the two firms soon, the statement added, noting that production will start in Q2-18.

The deal is forecast to increase SPMC’s sales through new production in case of agreement’s completion.

The contract includes technical cooperation and exchange of experience between the two companies.

SPMC noted that there is no financial impact for the deal.

By 10:03 am KSA time, the stock levelled up 4.91%, reaching SAR 8.34.