J.O Steel Holdings Plc To Invest $865 Million In Saudi Arabia
08/31/22, 9:33 AM
Location
londonMoney raised
$865 million
LONDON, UK / August 31, 2022 / UK-based J.O. Steel Holdings PLC has secured a $692 million credit facility from a consortium of banks and financial institutions led by Saudi British Bank (SABB) to establish an integrated billet manufacturing plant within Ras Al-Khair Industrial City in the Kingdom of Saudi Arabia. The proposed steel mill, to be located north of Jubail on the eastern coast of Saudi Arabia, will have an annual production capacity of approximately 1.8 million tons and is expected to go into commercial production in Q1 2025. The company will provide $173 million in equity to be raised through convertible warrants
Company Info
Location
london, ontario, canada
Additional Info
J.O. Steel Holdings PLC is a steel-manufacturing holding company incorporated under the laws of the United Kingdom. It currently owns shares in various steel plants located in South Asia and Africa. Belgian industrialist Javed Opgenhaffen has a 92% stake in the company. Opgenhaffen's other business enterprises include textile and garment factories, steel industries, an ethanol refinery, ceramic tiles factories, and real estate and directly employ over 20,000 people. He also owns significant stakes in Bangladesh-based insurance companies and banks.