Arabian Cement Company Announces the latest update of the EPC project of new cement mills in Rabigh plant
| Element List | Explanation |
|---|---|
| Previous Announcement | the EPC project of new cement mills in Rabigh plant |
| Date of Previous Announcement on Saudi Exchange’s Website | 2022-10-04 Corresponding to 1444-03-08 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Percentage of fulfilled achievement: 100.00%
Event's Expected completion date: The owner of the contractor, China National Building Materials, Import & Export Corporation (CNBM Import & Export Corporation), reached an agreement with one of the group's subsidiaries, (SINOMA Overseas Development Company), to carry out the rest of the project works in coordination with the original equipment manufacture (OEM). The outstanding project works and startup operational tests have been completed and the project was handed over to the owner according to the terms and conditions of the original valid contract between Arabian Cement Company and the Contractor, China National Building Materials International Engineering Company (CNBM International Engineering Company) on Wednesday 21st February 2024 in preparation for commercial operation and project financial closure |
| Reasons For The Delay on The Date of The Event Previously Announced | To discuss with the representatives of the contractor’s owner, China National Building Materials, Import and Export Corporation (CNBM) and representatives of the subsidiary company (SINOMA), about the remaining project works, equipment’s operation plan, procurement plan and schedule, and the mechanism for the necessary acceptance tests to hand over the project and the issuance of main contractor approval to the subsidiary to award the remaining works |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The project cost is going to decrease by approximately 5% as the company will impose delay damage penalty according to the contract |
| Delay consequences on the Company’s financial results | There is no effect on the financial results of the company |
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