Riyadh – Mubasher: Saudi Chemical Company penned an agreement through its subsidiary AJA Pharmaceutical Industries (AJA Pharma) with GlaxoSmithKline Consumer Healthcare Saudi Limited (GSK Saudi Arabia) to manufacture its products in Saudi Arabia.

The five-year agreement aims to benefit from GSK Saudi Arabia’s experience in the consumer health care sector and ensure the transfer of technology Saudi Chemical’s products to the Kingdom, followed by the commercial-scale production in AJA Pharma manufacturing site.

Saudi Chemical is expecting revenues worth nearly SAR 100 million from this agreement, which will lead to an increase in production capacity in addition to more job opportunities, according to a bourse filing on Thursday.

Group Chief Executive Officer of Saudi Chemical Thamer Al Muhid said this collaboration would contribute to localisation in Saudi Arabia.

Saudi Chemical’s shareholders have recently approved the board’s recommendation of distributing SAR 0.5 per share as a cash dividend for 2020.