Al-Ahsa Development’s board approves agreement to restart textile factory

Al Ahsa Development Company announces the approval by the Board of Directors on 16/09/2012 for the extension of previously singed Memorandum of Understanding, with an Indonesian company, a global leading manufacturer of fabrics; for an additional period of four months ends on 31/12/2012. It is worth to mention that the company has announced the signing of this MOU previously on 31/12/2011.

MOU aims to re-operate the companys textile factory within a period of MOU.

The Scope of Works of MOU : Technical feasibility, Marketing feasibility, Financial feasibility, Management model and Start commercial operation of textile factory.

The Indonesian company has been completed technical inspection of the equipment and the preparation of the technical, marketing and financial data for the feasibility study and to start commercial operation of the factory