MODON approves plans for STP specialized plastics factory

Saudi Top for Trading Co. (Saudi Top) said that the Saudi Authority for Industrial Cities and Technology Zones (MODON) approved plans and signed rent contract for its specialized plastics factory on Oct. 26.
The company's wholly-owned factory is located in Al-Kharj Industrial City and covers 49,218 square meters (sq m) with a rent of SAR 15 per sq m. It is also near Saudi Top’s plastic granule factory, according to a statement to Tadawul. The announcement comes before the company's listing on the Nomu-Parallel Market.

The factory aims to fulfill the company's strategy of entering the manufacturing and end- product industries to achieve industrial integration and enhance the value of recycled plastic materials.

Any significant developments will be announced as they occur, the statement added.