Thank you for reading the news about Qatar Airways CEO is stepping down, sources tell Reuters and now with the details
Jeddah - Yasmine El Tohamy - Leen Alkair Trading Co. secures $58m loan from ADF for farm produce facility
RIYADH: A specialized logistics center for processing fruits and vegetables is set to be built in the Saudi capital, with Leen Alkhair Trading Co. securing a loan of SR217 million ($57.85 million) to fund the project.
According to a bourse filing, the farm-based company sought this loan from the Agricultural Development Fund to fund its strategic plan for the 20,000 sq. meters facility.
In an official statement to Tadawul, Leen Alkhair stated that it will use the fund to establish a specialized facility for processing agro-produce, including cutting, sorting, packaging, manufacturing and cold storage.
The facility will be built in the Industrial Gateway City of Riyadh. It will be ready by the first quarter of 2025 and align with the Kingdom’s agricultural strategy to support self-sufficiency goals in fruits and vegetables.
The statement added: “It is expected that the value of the factory will be 300 million Saudi riyals, and the amount in excess of the loan will be financed through the company’s self-financing sources.”
The financing term spans over 12 years, with repayment structured into annual installments, with a grace period of two years as per the agreed-upon repayment schedule with the fund.
The collateral provided for the financing consists of personal guarantees and the center’s assets in favor of the fund, with no related parties involved.
The statement added that the proposed factory will have a production capacity exceeding 200,000 tons annually and be equipped with the latest technologies, production lines and refrigerated storage facilities.
These advancements are expected to positively impact production efficiency and enhance the quality of fruit and vegetable products, thereby supporting the marketing efforts of Saudi farmers.
Leen Al-Khair aims to lead the agricultural marketing sector in Saudi Arabia, ensuring sustainable economic growth while protecting the environment and natural resources, providing food for all, and contributing to self-sufficiency and food security.
With its presence in Riyadh, the eastern and western regions, the company aims to be the trusted choice for consumers, working toward a sustainable food future.
In September, the Capital Market Authority approved the company’s request to increase its capital from SR40.8 million to SR81.6 million through a one-for-one bonus share distribution.
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