Riyadh – Mubasher: Al Ashghal Al Moysra Company announced the establishment of a new limited liability subsidiary that is 100% owned by the firm, according to a bourse disclosure.
Based in the city of Sakaka, the new entity will function as a factory designed to support the strategic objectives of the parent company by enhancing vertical integration between its operational activities and its supply chain.
Al Ashghal Al Moysra confirmed that the articles of association and commercial registration for the subsidiary have been finalized under number 7013656215. This registration follows the separation and independence of a record that was previously maintained as a branch registry of the listed company.
Al Ashghal Al Moysra stated there is no immediate material financial impact resulting from this establishment at the current time, as the subsidiary is presently in the phase of completing necessary licensing and construction.
The company noted that it is committed to disclosing any significant future developments in accordance with relevant regulations.
It added that the move is intended to meet specific operational requirements through the new manufacturing arm.
It is worth noting that Al Ashghal Al Moysra lately announced the termination of a project award from the Saudi Post.
