Zoujaj signs MoU with SIRC to set up glass waste recycling venture

Logos of National Glass Industries Co. and Saudi Investment Recycling Co.

National Glass Industries Co. (Zoujaj) signed, on Jan. 23, a memorandum of understanding (MoU) with Saudi Investment Recycling Co. (SIRC) for establishing a joint venture (JV) for glass waste recycling, the company said in a bourse filing today, Jan. 24.

The JV will focus on processing glass waste into raw material for glass manufacturing, as well as conducting research and exchanging information necessary to develop activities as stipulated in the memorandum along with commercial, technical and operational assistance.

The MoU is valid is for two years from the date of signing.

The company cannot determine the financial impact of the MoU as of now and will announce new developments in due course.

There are no related parties, the statement noted.