Brief: Valoe Establishes JV Company, Commences Solar Module Sales In Kingdom Of Saudi Arabia

Valoe Oyj

08/10/2021 07:04

Oct 8 (Reuters) - Valoe Oyj  VALOE.HE :
    * REG-VALOE ESTABLISHES A JOINT VENTURE COMPANY AND
COMMENCED
SOLAR MODULE SALES IN THE KINGDOM OF SAUDI ARABIA
    * REG-VALOE ESTABLISHES A JOINT VENTURE COMPANY AND
COMMENCED
SOLAR MODULE SALES IN THE KINGDOM OF SAUDI ARABIA
    * VALOE OYJ ("VALOE" OR "COMPANY") AND ICON ADVANCED CO. LTD
("ICON"), A SAUDI LIMITED LIABILITY COMPANY FULLY OWNED BY SALEM
BALHAMER HOLDING, HAVE AGREED ON ESTABLISHING A JOINT VENTURE
COMPANY IN SAUDI ARABIA
    * VALOE SHALL OWN 40 PERCENT AND ICON 60 PERCENT OF JOINT
VENTURE
COMPANY
    * PARTIES INTEND TO INVEST APPROXIMATELY EUR 15 MILLION IN
JOINT
VENTURE COMPANY, OUT OF WHICH VALOE'S MAXIMUM INVESTMENT IS EUR
6 MILLION
    * ESTIMATED VALUE OF VALOE'S DELIVERY IS APPROXIMATELY EUR
12
MILLION
    * GOAL IS TO HAVE JOINT VENTURE ESTABLISHED BY END OF 2021
    * ACCORDING TO CURRENT PLANS, CONSTRUCTION OF SOLAR PANEL
PLANT IS
SCHEDULED TO BEGIN IN FIRST HALF OF 2022
    * IN ADDITION, VALOE AND ICON HAVE SIGNED AN AGENCY
AGREEMENT

Source text for Eikon:  ID:nGNE6qTSVJ 
Further company coverage:  VALOE.HE 

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