Riyadh – Mubasher: Leen Alkhair Trading Company signed a loan agreement with the Agricultural Development Fund at a value of SAR 217.76 million on 22 October 2023, according to a bourse filing.
The firm will use the financing to establish a logistical services factory specialised in manufacturing, packing, as well as marketing vegetable and fruit products.
Meanwhile, the factory has an annual capacity of more than 200,000 tonnes, with an area of nearly 20,000 square metres (m2) in Riyadh.
The project aligns with the company’s objectives to achieve the Kingdom’s agricultural strategy and back the targets of self-sufficiency rates related to vegetables and fruits.
The value of the factory will stand at SAR 300 million, which will be secured by the loan's value and the company’s self-financing sources.
Leen Alkhair expected that construction of the factory will be completed in the first quarter (Q1) of 2025.
It is worth underlining that the company began the trading of its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) on 1 January 2023.
