Published: January 5, 2010
The Saudi Cable Company has received a SR160.5mn (US$42.8mn) loan from the Saudi Industrial Development Fund to back the expansion of its power cable plant.
In a stock exchange statement, the company said the loan would meet 29% of its SR556.6mn expansion costs accrued since 2007. The balance will be met through the company’s own cash reserves and bank loans.
The company hopes that the expansion will lessen its production costs and so boost its competitive edge.