Riyadh – Mubasher: Saudia Dairy and Foodstuff Co.'s (Sadafco) 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 ($4.53 million), according to a bourse filing on Wednesday.
The 10,240 square metres land will be leased for a period of 20 years, staring on 28-12- 1436 Hijri.
This project will be financed by the company's own resources generated through operations. The positive impact will appear after the completion of the warehouse, the statement said.
The company noted that the new warehouse, which will replace the existing rented location, is expected to improve on operational efficiency of supply chain and cater for growth.
