Cairo – Mubasher: The Saudi Chemical Company announced the commencement of construction works for an explosives and military munitions manufacturing complex, wholly-owned by its subsidiary, Saudi Chemical Company Ltd.

The manufacturing complex will have an investment cost of more than SAR 1 billion over a period of the next five years, the company said in bourse statement on Sunday.   

The project, which received regulatory approvals, will be financed by credit facilities and loans from Industrial Development Fund and commercial banks, along with the company’s own resources.

 Production and operation are expected to begin during the first half of 2021, reflecting positively in the company’s financial results.

It is worth mentioning that in May, the company announced that its subsidiary the Saudi Chemical Co Ltd increased its capital to SAR 50 million.