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ENERGY-
Tanmiah Food is getting a solar plant for its Haradh facility: Poultry producer Tanmiah Food tapped Emerge, a JV between Abu Dhabi-based renewable energy giant Masdar and France’s EDF, to develop a 3 megawatt peak (MWp) solar power plant at its Haradh facility, according to a press release.
The details: Emerge will handle the project’s financing, design, construction, operation, and maintenance for 25 years at no upfront cost. The plant will supply 35% of the facility’s electricity needs, reducing carbon dioxide emissions by over 3.9k tons annually, according to the statement.
FOOD-
Modern Mills secures production lines for new Makkah feed plant: Modern Mills for Food Products signed an agreement with an undisclosed company to procure production lines for its new animal feed plant in Al Jumum, Makkah, according to a disclosure to Tadawul. The company previously allocated SAR 150 mn for the facility, which is estimated to produce 422k tons of poultry and livestock feed annually.
DISPUTE WATCH-
Court backs Al Fakhera Chairman: The Commercial Court in Riyadh upheld its January decision on Thursday that it lacks jurisdiction over a case filed against Al Fakhera Men’s Tailoring‘s Chairman Sulaiman bin Hamad Al Yahya, seeking 58% of his ownership in the company, according to a regulatory filing to Tadawul. The ruling can still be appealed, the company noted.
REMEMBER- Al Yahya is facing three other lawsuits that could lead to a SAR 365k financial impact on the company. Al Fakhera appointed earlier this month Abdulrahman Saed Al Malah as its new CEO, succeeding Al Yahya, who resigned from the position to focus on board and committee operations.
Supreme Court returns Mepco case: The Supreme Administrative Court overturned a previous appeal ruling in a case involving a Middle East Paper Manufacturing andProduction Company (Mepco) subsidiary and the General Authority for Competition, according to a regulatory filing to Tadawul. The case was sent back to the Administrative Court of Appeal in Makkah for a new judgment. The company expects to receive the Supreme Administrative Court’s ruling on 16 April.
ICYMI- Mepco won a years-long legal battle with the Environment, Water and Agriculture Ministry (Mewa) when it received a favorable final verdict for a compensation close to SAR 74 mn for its improperly-valued asset bought by Mewa back in 2007.
EV-
EV infrastructure firm EVIQ launched its first highway EV charging station at Sasco Aljazeera, located on the Riyadh-Qassim highway, according to a press release.
REMEMBER- The Electric Vehicle Infrastructure Company (EVIQ), a joint venture between the PIF and the Saudi Electricity Company, opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the Kingdom by 2030.
