New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Saudi Arabia urges stronger global action to protect children in cyberspace at UN    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Saudi Arabia posts SR49.8 billion travel surplus in 2024 as visitor spending hits SR153.6 billion    911 emergency centers handle over 2.8 million calls in March    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Pantech to invest SR15 million in Dammam plant
Published in The Saudi Gazette on 09 - 03 - 2010

Pantech Group Holdings Bhd is venturing abroad to establish a SR15 million (RM13.45 million) carbon steel fittings plant in Dammam, reported the Bernama news agency.
Executive Director Adrian Tan said the first phase of the plant is expected to be ready before the financil year ending Feb 28, 2011.
Pantech, a pipes, fittings and flow control manufacturer for the oil and gas industry, expects revenue of SR50 million (RM44.85 million) to be generated in the first year of the plant's operations in the oil-rich Gulf region.
Tan said this after the signing of a memorandum of understanding (MoU) and agency agreement between Pantech International (KSA) Sdn Bhd and Saudi-based Abdul Rahman Al-Otaishan Trading Group (Al-Otaishan Group) here Monday.
The signing ceremony was witnessed by Deputy Finance Minister I, Datuk Wira Chor Chee Heung.
The agreements will facilitate the establishment of a joint investment company, in which Pantech Group will own 49 per cent equity while Al-Otaishan Group will hold the remaining 51 percent.
Al-Otaishan will be the sole distributor and agent for Pantech's products in Saudi Arabia and non-exclusive distributor and agent in the other Gulf Cooperation Council (GCC) countries.
Established in 1982, the Al-Otaishan Group is a leading general contractor involved in the production of crude oil and numerous other downstream petrochemical industries in Dammam.
Tan said within three years, Pantech hoped its overseas operations would contribute about 40 per cent to group revenue, from 27 percent at present.
He added for the financial year ended Feb 28, 2009, the group hoped to maintain its profit level while a slight drop was expected in revenue given the slump in demand and high prices for steel products.
In line with its growth plan, Tan said the group hoped to commence operations of its new RM80 million stainless steel, alloy pipes and fittings plant in Pasir Gudang, Johore, by year-end.
Pantech Group currently manufactures butt-welded carbon steel fittings such as elbows, tees, reducers and long bends at its Klang plant, 80 per cent of which is exported to the United States, South America and the Middle East.


Clic here to read the story from its source.