Riyadh - Mubasher: Ajeej Steel Manufacturing Company, a fully-owned subsidiary of National Building and Marketing Company, purchased an electricity production station at a total value of SAR 10 million.
The power facility, which runs with fuel, has a production capacity of 82 megawatts, according to a disclosure to Tadawul on Thursday.
Ajeej aims to increase the power output to operate its plant following this transaction.
National Building said the new agreement will increase the current factory’s electricity by five times. It will also boost productivity and reflect positively on the income statements during the first quarter of the coming fiscal year.
Last month, the listed firm completed the acquisition of Ajeej for SAR 180 million.