FINANCIAL NEWS

Saudi prawn firm secures USD122m facility for expansion

27 May 2012

(MENAFN) Saudi seafood firm National Prawn Company signed a USD122 million Islamic loan to fund its expansion plans, Arabian Business reported.

The loan will be used to expand the company’s projects at Al-Laith, 180km south of Jeddah, and help boost production for exports to markets including UK, Spain, Japan, South Korea, US, China and Australia, the company said in a statement.

Expansion plans include the second phase development of its Red Sea prawn and fish cultivation projects, the company added.

National Prawn Company currently produces over 18,000 tonnes a year of white prawns for sale in Saudi Arabia and abroad.

The facility also will help boost production capacity at the Red Sea facilities to 32,000 tonnes a year on completion of the second phase.

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