Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (Sadafco) announced that the SAR 13 million construction contract of Tabuk warehouse was awarded to First Technical Contracting Co. on 31 January.
Construction work on the project will start mid February 2017 and is expected to be completed by end of December 2017, according to a bourse filing on Thursday.
The company pinpointed that the project will be funded by cash generated from operations, noting that the positive impact will start after completion of the project.
There are no related parties involved in this contract, the statement said.
In December, Sadafco's board approved by circulation to proceed with the construction of a warehouse in Tabuk on land leased from Saudi Industrial Property Authority (MODON).
The estimated value of the project amounts to SAR 17 million.
The 10,240 square metres land will be leased for a period of 20 years, staring on 28-12-1436 Hijri.
